The Balance Sheet should be prepared
A) before the income statement and the statement of owner's equity
B) before the income statement and after the statement of owner's equity
C) after the income statement and the statement of owner's equity
D) after the income statement and before the statement of owner's equity

Question

Quizplus · Accepted Answer

The Balance Sheet is prepared after the Income Statement and the Statement of Owner's Equity, as it shows the financial position of the company at a specific point in time based on the information from those statements. Therefore, option C is the correct choice.

The Balance Sheet Should Be Prepared