Statement listing assets, liabilities and owner's equity.Select one:a.Statement of Financial Positionb.Revenuec.Capitald.Expenses
Question
Statement listing assets, liabilities and owner's equity.Select one:a.Statement of Financial Positionb.Revenuec.Capitald.Expenses
Solution
The correct answer is a. Statement of Financial Position. This statement lists an entity's assets, liabilities, and owner's equity at a specific point in time. Assets are what the entity owns, liabilities are what it owes, and owner's equity represents the owner's investment in the business.
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