The financial statement that reports assets,liabilities,and owner's equity as of the last day of the period is called the ________.
A) income statement
B) statement of owner's equity
C) balance sheet
D) unadjusted trial balance

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that reports a company's assets, liabilities, and owner's equity as of the last day of the reporting period. An income statement reports a company's revenues and expenses over a period of time, typically a month or a year. A statement of owner's equity shows changes in owners' equity over a period of time. An unadjusted trial balance is a list of all accounts with their balances before adjustments are made at the end of the accounting period.

The Financial Statement That Reports Assets,liabilities,and Owner's Equity as of the Last