The financial statement that shows the state of the firm's assets,liabilities,and owner's equity on a specific date is called a(n)
A) balance sheet.
B) statement of operations.
C) statement of owner's equity.
D) income statement.

Question

Quizplus · Accepted Answer

A balance sheet is the financial statement that shows the state of the firm's assets, liabilities, and owner's equity on a specific date. The statement of operations (also known as income statement) shows the firm's revenue and expenses over a specific period of time, while the statement of owner's equity shows the changes in equity over a specific period of time.

The Financial Statement That Shows the State of the Firm's