The Report That Proves Assets = Liabilities + Owner's Equity

question 24

Multiple Choice

The report that proves assets = liabilities + owner's equity is the ________.

• A)Trial Balance
• B)Income Statement
• C)Profit & Loss Statement
• D)Balance Sheet

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Definitions:

Assignee

A person, corporation, or entity to whom rights or interests have been transferred by another.

Delegatee

A person to whom duties, responsibilities, or authority is transferred from another, the delegator.

Delegator

A person or entity that assigns tasks or authority to others to carry out specific duties.

Obligee

The party in a contractual agreement who is owed a performance or payment by another party (the obligor).