Question
Which of the following is not a part of a balance sheet?
Assets
Taxes
Liabilities
Capital
Assets
Taxes
Liabilities
Capital
Answers
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Answered by
GPT-4o mini
The item that is not a part of a balance sheet is "Taxes."
A balance sheet typically comprises three main components: Assets, Liabilities, and Equity (Capital is often considered part of Equity). Taxes may be reflected as a liability under specific circumstances (like income tax payable), but taxes themselves are not a distinct category on the balance sheet.
A balance sheet typically comprises three main components: Assets, Liabilities, and Equity (Capital is often considered part of Equity). Taxes may be reflected as a liability under specific circumstances (like income tax payable), but taxes themselves are not a distinct category on the balance sheet.
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