A balance sheet shows:

Question

BlackTom AI · Accepted Answer

The task presents a question about what a balance sheet shows, accompanied by four answer options.

Option 1: 'Assets, Liabilities and Equity' — This aligns with standard accounting practice. A balance sheet presents a snapshot of a company's financial position, listing assets on one side and liabilities plus equity on the other, with the fundamental equation Assets = Liabilities + Equity.

Option 2: 'Revenues and Expenses' — These items are typically found on the income statement (profit and loss statement), not on the balance sheet. Revenues and expenses reflect operating performance over a period, whereas the balance sheet reflects financial position at a point in time.

Option 3: 'The annual budget' — The annual budget is a planning document, not a financial statement that shows actual balances on a balance sheet. Budgets are used for forecasting and control, while the balance sheet shows actual reported figures.

Option 4: 'Profit/Loss' — Profit or loss is a result reported on the income statement (net income) and is not the primary content of a balance sheet. While retained earnings (part of equity) are affected by profit or loss, the phrase 'Profit/Loss' itself is not the balance sheet’s core components.

In summary, the balance sheet is defined by presenting assets, liabilities, and equity, whereas the other options correspond to other financial statements or planning documents. The correct conceptual match is the first option.

VPAB13H3 F LEC01 Final Exam Quiz

A balance sheet shows:

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