A balance sheet or a statement of financial position 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 owner's equity.

Question

Quizplus · Accepted Answer

A balance sheet, also known as a statement of financial position, lists the types and amounts of assets, liabilities, and equity of a business as of a specific date. It does not show the revenues and expenses of a business or the cash inflows and outflows during a period. Therefore, option C is the correct answer.

A Balance Sheet or a Statement of Financial Position Lists