A balance sheet consists of three major sections.Which of the following is one of those sections?
A)common stock
B)income
C)retained earnings
D)liabilities

Question

Quizplus · Accepted Answer

The three major sections of a balance sheet are assets, liabilities, and equity. Common stock, income, and retained earnings are all components of the equity section. Liabilities, on the other hand, represent the obligations and debts owed by the company to external parties, such as lenders and suppliers.

A Balance Sheet Consists of Three Major Sections