A balance sheet lists:
A)The types and amounts of the revenues and expenses of a business.
B)Only the information about what happened to equity during a time period.
C)The types and amounts of assets, liabilities, and equity of a business as of a specific date.
D)The inflows and outflows of cash during the period.
E)The assets and liabilities of a company but not the retained earnings.

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that reports a company's assets, liabilities, and equity as of a specific date. It provides a snapshot of the company's financial health at a given point in time. Option A is describing an income statement, option B is incorrect as a balance sheet includes information about equity, option D is describing a cash flow statement and option E is incorrect as the balance sheet includes information about both assets and liabilities, as well as equity.

A Balance Sheet Lists