Assets and liabilities are a part of which financial statement?
A) income statement
B) P&L statement
C) balance sheet
D) opening budget

Question

Quizplus · Accepted Answer

Assets and liabilities are both components of the balance sheet, which is a financial statement that provides a snapshot of a company's financial position at a specific point in time. The income statement (A) and P&L statement (B) show a company's revenues and expenses over a period of time, while the opening budget (D) is a planning and forecasting tool rather than a financial statement.

Assets and Liabilities Are a Part of Which Financial Statement