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The balance sheet reports revenues and selling costs for a period of time.

a. True b. False

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The balance sheet reports revenues and selling costs for a period of time.

a. True
b. False

Answer

I would say false, the sheet that reports the revenues and the costs is known as the income statement.
the balance sheet is the sheet that would report all of the assets (such as the cash, accounts receivable, or others).
The balance sheet will also report all the liabilities (including the accounts payable, notes payable and others).
Lastly, the balance sheet will also report the equity or the capital account of the business.
So in a nutshell, the balance sheet reports the assets, liabilities, and owner's equity.

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Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 17 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 205 views.

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