Which of the following financial statements reports owner's equity as of the end of the accounting period?
A)income statement and the balance sheet
B)cash flow statement and the balance sheet
C)statement of owner's equity and the balance sheet
D)cash flow statement and the income statement

Question

Quizplus · Accepted Answer

The statement of owner's equity and the balance sheet both report owner's equity, but at different levels of detail. The statement of owner's equity shows changes in owner's equity over the period, while the balance sheet shows the ending balance of owner's equity as of the end of the accounting period.

Which of the Following Financial Statements Reports Owner's Equity as of the End