A balance sheet is a financial statement that reports assets, liabilities, and owners' equity on a specific date. True or false?

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08-12-2022
Business

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A balance sheet is a financial statement that reports assets, liabilities, and owners' equity on a specific date. True or false?

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Qwline Qwline · Answer 1 · 2022-12-14T13:39:05+01:00

Option a. True is the correct answer. The balance sheet is a financial statement that reports assets, liabilities and owner's equity on a specific date.

A financial statement that lists a company's assets, liabilities, and shareholder equity at a certain point in time is referred to as a balance sheet. The foundation for calculating investor return rates and assessing the capital structure of a firm is provided by balance sheets.

The balance sheet is a financial statement that gives a quick overview of the assets and liabilities of a firm as well as the amount of shareholder investment. When doing basic analysis or calculating financial ratios, balance sheets can be utilized in conjunction with other crucial financial data.

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