Which of the Following Would NOT Be Shown on a Firm's

question 13

Multiple Choice

Which of the following would NOT be shown on a firm's "balance sheet"?

• A) Liabilities
• B) Net worth
• C) Assets
• D) Net sales
• E) All of the above would be on a firm's balance sheet.

---

Definitions:

Capital Loss Deduction

A tax deduction that allows individuals to offset their capital gains with any losses they incurred on investments in a given tax year.

Carryover

Unused tax credits or deductions that can be applied to future tax years to reduce tax liability.

Short-term Loss

A loss realized on the sale or exchange of an asset held for one year or less.

Long-term Loss

The loss realized from the sale of an asset held for more than one year, which can offset long-term gains for tax purposes.