A Balance Sheet Shows

question 58

Multiple Choice

A balance sheet shows

• A) revenues liabilities and owner's equity.
• B) expenses drawings and owner's equity.
• C) revenues expenses and drawings.
• D) assets liabilities and owner's equity.

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Definitions:

Contractual Obligation

A duty or commitment that one party is legally required to perform as per the terms of a contract.

Market Price

The current price at which an asset or service can be bought or sold in a given market.

Added Cost

Additional expenses incurred beyond the initially planned or budgeted amounts.

Fully Discharged

The status of having completely fulfilled a responsibility, duty, or debt, releasing the subject from further obligations.