The First Section of a Balance Sheet Lists ________

question 126

Multiple Choice

The first section of a balance sheet lists ________.

• A)assets
• B)liabilities
• C)claims creditors have against the firm's assets payable within one year
• D)the owner's equity in terms of initial capital invested and retained earnings

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Definitions:

Internal Control Objectives

The goals aimed at ensuring the reliability of financial reporting, compliance with laws and regulations, and effectiveness of operations.

Financial Reports

Documents that provide an overview of a company's financial condition, including balance sheets, income statements, and statements of cash flows.

Applicable Laws

The set of relevant laws and regulations that apply within the jurisdiction of a business operation or transaction.

Sarbanes-Oxley Act

A U.S. law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to securities laws.