Asked by Julian Ortiz on May 06, 2024
Verified
Which type of account would NOT be reported on the balance sheet?
A) Expense
B) Cash
C) Accounts Payable
D) Equipment
Balance Sheet
is a financial statement that presents a company's financial position, including assets, liabilities, and shareholders' equity at a specific point in time.
Expense
Costs incurred by a business in the process of earning revenue, such as salaries, rent, and utilities.
- Familiarize yourself with the organization and preparation methodologies of financial statements.
Verified Answer
DM
Daishon MurrellMay 09, 2024
Final Answer :
A
Explanation :
Expense accounts are reported on the income statement, not the balance sheet. The balance sheet reports a company's assets, liabilities, and shareholders' equity at a specific point in time, while the income statement reports revenues and expenses over a period of time.
Learning Objectives
- Familiarize yourself with the organization and preparation methodologies of financial statements.