What is balanced in a balance sheet? What will be an ideal response?
QUESTION
What is balanced in a balance sheet?
What will be an ideal response?
ANSWER
Answer: A balance sheet shows a balance between a firm’s assets and liabilities plus owners’ equity, per the “accounting equation.”
Explanation: A balance sheet reports a firm’s financial condition at a given time by showing its assets, liabilities, and owners’ equity. It is called a balance sheet because it shows a balance between a firm’s assets and liabilities plus owners’ equity.
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