Statement listing assets, liabilities and owner's equity.Select one:a.Statement of Financial Positionb.Revenuec.Capitald.Expenses
Question
Statement listing assets, liabilities and owner's equity.
Select one:
- a. Statement of Financial Position
- b. Revenue
- c. Capital
- d. Expenses
Solution
The correct answer is a. Statement of Financial Position.
Explanation:
The Statement of Financial Position, commonly referred to as the Balance Sheet, provides a detailed snapshot of a company's assets, liabilities, and owner's equity at a specific point in time. This financial statement reveals what the company owns (assets), what it owes (liabilities), and the residual interest of the owners in the company's assets after deducting liabilities (owner's equity).
In contrast, "Revenue," "Capital," and "Expenses" represent financial elements that do not encapsulate the entire picture of a company's financial standing in the same comprehensive way as the Statement of Financial Position.
Thus, when asked to identify which document lists assets, liabilities, and owner's equity, the correct option is definitely the Statement of Financial Position.
Similar Questions
The owner's claim over the assets of the business.Select one:a.Statement of Financial Positionb.Capitalc.Expensesd.Revenue
Earnings or gains in a business arising from its activities.Select one:a.Expensesb.Capitalc.Revenued.Statement of Financial Position
The used up assets needed by the firm in generating revenues.Select one:a.Expensesb.Capitalc.Revenued.Statement of Financial Position
Which of the following is not an element of financial statement A. Liability B. Capital C. Income Statement D. Assets
The Balance Sheet provides information about all of the following, except __________.1 pointShareholders’ equityLiabilitiesAssetsRevenues
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.