Question

A balance sheet represents a systematic listing of the assets, liabilities, and owner's equity at the time it is made.

True
False

Answer 1

That statement is True

The basic systematic formula is : Assets = Liabilities + Owner's Equity

The amount of the total assets that exist on the balance sheet have to exactly the same with the sum of Liabilities and owner equity, if not, then there's something wrong in the accounting process.

Answer 2

I think True

Answer 3

thanks

Answer 4

np