The balance sheet is composed of
A) owners' equity, assets, and liabilities.
B) expenses, revenue, and net income.
C) revenue, expenses, and owners' equity.
D) assets, expenses, and net income.
E) assets, liabilities, and revenues.

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that shows a company's assets, liabilities, and owners' equity at a specific point in time. Therefore, the correct answer is A as it includes all three components of the balance sheet. B, C, D, and E are incorrect as they either leave out one or more components of the balance sheet or include items that are not part of it.

The Balance Sheet Is Composed of