Liabilities are reported on the
A) income statement
B) retained earnings statement
C) statement of cash flows
D) balance sheet

Question

Quizplus · Accepted Answer

Liabilities are reported on the balance sheet, which summarizes a company's financial position at a specific point in time by showing its assets, liabilities, and equity. The income statement reports a company's revenue, expenses, and net income or loss over a period of time, while the retained earnings statement shows the changes in a company's retained earnings account during a specific period of time. The statement of cash flows reports a company's cash inflows and outflows over a period of time.

Liabilities Are Reported on the