The Balance Sheet Reports

question 8

Multiple Choice

The balance sheet reports

• A) assets.
• B) revenue.
• C) expenses.
• D) net income.

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Definitions:

Balance

The total amount of money in a financial account, calculated by offsetting debits against credits.

Withdraw

The act of removing funds from a bank account, or discontinuing participation in an activity or agreement.

Simple Interest

Interest calculated on the principal portion of a loan or deposit, not compounding on earned interest.

Savings Account

An account at a banking institution, offering the preservation of the initial amount with a low interest return.