BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The financial statement that reports assets, liabilities, and equity is
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income statement
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retained earnings statement
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statement of financial position
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statement of cash flow
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Explanation:
Detailed explanation-1: -A balance sheet is a financial statement that reports a company’s assets, liabilities, and shareholder equity.
Detailed explanation-2: -Balance Sheets. A balance sheet provides detailed information about a company’s assets, liabilities and shareholders’ equity.
Detailed explanation-3: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation.
Detailed explanation-4: -A balance sheet reports financial information on a specific date and includes the assets, liabilities, and owner’s equity. A balance sheet reports information about the elements of the accounting equation.
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