Which of the following statements is correct about a company’s balance sheet? a. It displays sources and uses of cash for the period. b. It is an expansion of the basic accounting equation: Assets = Liabilities + Owners’ Equity. c. It provides a detailed list of revenues and expenses including income tax for a given period. d. It is unnecessary if both an income statement and statement of cash flows are available.
Which of the following statements is correct about a company’s balance sheet?
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