The ________ shows what assets the business owns and what claims creditors and owners have against those assets.
A)balance sheet
B)income statement
C)sources and uses of funds statement
D)pro forma

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that shows a snapshot of a business's financial position, including its assets, liabilities, and equity. It indicates what the company owns and owes at a specific point in time. Therefore, it is the most suitable option for the given question. The income statement shows the company's revenue, expenses, and net income over a period, while the sources and uses of funds statement and pro forma are more forward-looking financial statements.

The ________ Shows What Assets the Business Owns and What