Assets and liabilities are reported on:
A)both the balance sheet and the income statement.
B)the statement of owner's equity.
C)the income statement.
D)the balance sheet.

Question

Quizplus · Accepted Answer

Assets and liabilities are reported on the balance sheet as it provides a snapshot of an entity's financial position at a specific point in time, including all its assets, liabilities, and equity. The income statement only reports revenues, expenses, and net income (or loss) for a specific period, while the statement of owner's equity shows the changes in equity during the period. Therefore, the best choice is D.

Assets and Liabilities Are Reported On