A balance sheet
A) shows the condition of a company as of a specific date
B) shows the assets, liabilities, and owner's equity
C) shows the assets and liabilities but not the owner's equity
D) both A and B
E) both A and C

Question

Quizplus · Accepted Answer

A balance sheet shows the condition of a company as of a specific date and includes the assets, liabilities, and owner's equity. Therefore, both option A and B are correct. Option C is incorrect as it does not include the owner's equity.

A Balance Sheet