Question

What is the statement of the assets, liabilities, and net worth of a firm or individual at some given time called?

A. A capital statement
B. A profit and loss statement
C. An income statement
D. A balance sheet

Answer 1

A balance sheet is the statement of assets, liabilities, and net worth of a firm or individual at a given time.

Step-by-step explanation:

The statement of the assets, liabilities, and net worth of a firm or individual at some given time is called a balance sheet. A balance sheet is an accounting tool that lists the assets and liabilities of a business or individual. It provides a snapshot of the financial position of the entity and helps analyze its financial health.