Question

a balance sheet is a financial statement that shows ______ on a specific date.

○ assets

○ liabilities and owner’s equity

○ assets, liabilities, and owner’s equity

○ none of the above

Explanation:

A balance sheet is founded on the accounting equation: $\text{Assets} = \text{Liabilities} + \text{Owner's Equity}$. It presents all three components to report a business's financial position at a specific point in time.

Answer:

assets, liabilities, and owner's equity