MC32 Which of the following statements is true regarding the balance sheet?
A. The balance sheet reports a company’s revenues and expenses.
B. The balance sheet reports a company’s assets, liabilities, and equity.
C. The balance sheet is prepared at the end of the accounting period.
D. The balance sheet is used to calculate the net income or loss for the accounting period.
Answer:B
MC32 Which of the following statements is true regarding the balance sheet?
A. The balance sheet reports a company’s revenues and expenses. B. The balance sheet reports a company’s assets, liabilities, and equity. C. The balance sheet is prepared at the end of the accounting period. D. The balance sheet is used to calculate the net income or loss for the accounting period.