The balance sheet reports on the assets,liabilities,and owner's equity of the business as of a specific date.

Name: The balance sheet reports on the assets,liabilities,and owner's equity of the business as of a specific date.
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Quizplus · Accepted Answer

The balance sheet is a financial statement that presents the financial position of a business at a specific point in time by reporting on its assets, liabilities, and owner's equity. Therefore, the statement is true.

The Balance Sheet Reports on the Assets,liabilities,and Owner's Equity of the Business