Which is the best description of a balance sheet?(1 point)
Responses
a list of outstanding debt compared to revenue
a list of outstanding debt compared to revenue
a statement listing retained earnings
a statement listing retained earnings
a statement that balances assets to liabilities and equity
a statement that balances assets to liabilities and equity
a comparison of revenue to SG&A and COGS
1 answer
The correct response is:
a statement that balances assets to liabilities and equity.
A balance sheet provides a snapshot of a company's financial position at a specific point in time, showing what the company owns (assets), what it owes (liabilities), and the equity invested by the owners.
1 answer
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2 answers