balance sheet lists v
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:**Question:**
The balance sheet lists which of the following?
**Options:**
- ( ) revenues, expenses, gains, and distributions to owners
- ( ) assets, liabilities, and owners' equity
- ( ) assets, liabilities, and investments by owners
- ( ) revenues, expenses, gains, and losses
**Answer Explanation:**
The correct answer is: **assets, liabilities, and owners' equity.**
A balance sheet provides a snapshot of a company's financial condition at a specific moment in time and lists the company's assets, liabilities, and owners' equity.
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