Asked by Kailey Schroeder on May 05, 2024
Verified
The three elements that make up a balance sheet are Assets, Liabilities and Owner's Equity.
Owner's Equity
The total value of assets a business owner has rights to after all liabilities are paid off; equity for sole proprietorships.
Liabilities
Financial obligations or debts that a company owes to others, including loans, accounts payable, and mortgages.
- Master the details of the basic accounting equation's components and their usage in relevant contexts.
Verified Answer
AL
Antwan lucasMay 06, 2024
Final Answer :
True
Explanation :
Assets, Liabilities, and Owner's Equity are indeed the three fundamental components that make up a balance sheet, representing what a company owns, owes, and the owner's interest in the company, respectively.
Learning Objectives
- Master the details of the basic accounting equation's components and their usage in relevant contexts.
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