The Financial Statement That Presents a Summary of the Assets

question 80

Multiple Choice

The financial statement that presents a summary of the assets, liabilities, and owner's equity as of a specific date is the:

• A)statement of assets.
• B)balance sheet.
• C)statement of owner's equity.
• D)cash flow statement.

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Definitions:

Remeasure

The process of adjusting the value of a financial instrument or asset to reflect its current market value.

Financial Statements

Structured reports that detail the financial activities and condition of a business, including the balance sheet, income statement, and statement of cash flows.

Current Rate Method

A method used in financial reporting to convert the financial statements of a foreign subsidiary to the parent company's reporting currency, using the current exchange rates.

Exchange Rate

The price at which one currency can be exchanged for another in the foreign exchange market.