The ________ shows how the capital is structured in the business, including the value of assets and the amount the firm owes at a specific point in time.
A) income statement
B) balance sheet
C) statement of cash flows
D) trial balance

Question

Quizplus · Accepted Answer

A balance sheet reports the firm's assets (what the firm owns), liabilities (debts of the firm), and owners' equity at a specific point in time.

The ________ Shows How the Capital Is Structured in the Business