Which of the following is a financial statement that presents a business's accounting equation?
A) Chart of Accounts
B) Trial Balance
C) Income Statement
D) Balance Sheet

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that presents a business's accounting equation, which shows the relationship between assets, liabilities, and equity. The formula for the accounting equation is: Assets = Liabilities + Equity. The balance sheet reports a company's financial position at a specific point in time, providing information on its assets, liabilities, and equity. The other options listed - Chart of Accounts, Trial Balance, and Income Statement - do not present the accounting equation.

Which of the Following Is a Financial Statement That Presents