The Balance Sheet Summarizes What a Company Owns and What

question 16

Multiple Choice

The balance sheet summarizes what a company owns and what it owes.What account types are on the balance statement?

• A)Assets,Expenses,Liabilities,and Owners' Equity (or Stockholders' Equity).
• B)Assets,Liabilities,Revenues,and Owners' Equity (or Stockholders' Equity).
• C)Assets,Liabilities,Revenues and Expenses.
• D)Assets,Liabilities,and Owners' Equity (or Stockholders' Equity).

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Definitions:

Commitment

Personal investment in identity.

Presence

The state or fact of existing, occurring, or being present in a place or thing.

Absence

The state of being away or not present in a given situation or location.

Crisis

A critical or tumultuous situation that requires immediate and decisive action to prevent or mitigate disaster or distress.