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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) .
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.
Owners' Equity
The residual interest in the assets of an entity after deducting liabilities, representing the owners' claims on the business assets.
Liabilities
Liabilities represent a company's financial debts or obligations that arise during the course of business operations, to be repaid at a later date.
- Recognize the primary elements and categories in financial statements, distinguishing among assets, liabilities, equity, revenues, and expenses.
- Understand the basic accounting principles that serve as the foundation for the balance sheet, profit and loss statement, and statement of cash flows.
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Learning Objectives
- Recognize the primary elements and categories in financial statements, distinguishing among assets, liabilities, equity, revenues, and expenses.
- Understand the basic accounting principles that serve as the foundation for the balance sheet, profit and loss statement, and statement of cash flows.
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