A balance sheet would normally balance at:
A) total assets.
B) total liabilities.
C) the bank balance.
D) the owner's initial capital contribution.

Question

Quizplus · Accepted Answer

A balance sheet is a statement that shows the financial position of an entity. It lists the assets, liabilities, and equity of the entity. The total assets must equal the total liabilities and equity (i.e., the sum of liabilities and equity should be equal to the sum of assets), meaning that the balance sheet must balance. Therefore, the correct answer is A, total assets.

A Balance Sheet Would Normally Balance At