Assets and liabilities are a part of which financial statement?

Question

BlackTom AI · Accepted Answer

In this question, we’re asked to identify which financial statement includes assets and liabilities.
Option 1: 'opening budget' – This is not a standard financial statement. Budgets are planning documents, not formal statements of financial position, so assets and liabilities are not presented here.
Option 2: 'balance sheet' – The balance sheet is specifically the financial statement that lists a company’s assets, liabilities, and shareholders’ equity at a point in time, showing the accounting equation (Assets = Liabilities + Equity) in clear form. This makes it the correct category for assets and liabilities.
Option 3: 'income statement' – Also known as the profit and loss statement, this reports revenues and expenses over a period and culminating net income, but it does not provide a snapshot of assets or liabilities.
Option 4: 'P&L statement' – This is simply another term for the income statement, focusing on profitability rather than the balance of assets and obligations, so it does not present assets and liabilities.
Thus, evaluating each option against the standard definitions reveals that only the balance sheet—including assets and liabilities—fits the description. The other options describe documents that serve planning (opening budget) or performance over time (income-related statements) rather than a snapshot of financial position.

11:709:448:01 FOOD PROD MGMT FINAL Exam - F25- Dec 18- Requires Respondus LockDown Browser

Assets and liabilities are a part of which financial statement?

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