BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The ____ is one of the main financial statement and reports the assets, liabilities, and owner’s equity at a specific point in time.
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Income Statement
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Balance Sheet
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Income Worksheet
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Balance Worksheet
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Explanation:
Detailed explanation-1: -The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time.
Detailed explanation-2: -Balance sheet Based on the basic accounting equation, or balance sheet equation [Assets = Liabilities + Equity], the balance sheet provides a snapshot of a business’s assets, liabilities, and equity.
There is 1 question to complete.