Asked by Jacek Buczko on May 12, 2024
Verified
Which of the following items is NOT listed on the balance sheet?
A) Accounts Payable
B) Accounts Receivable
C) Service Revenue
D) Equipment
Balance Sheet
A Balance Sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing insight into its financial condition.
Service Revenue
Service revenue is the income a company generates from providing services, as opposed to selling physical goods.
- Distinguish between assets that are included on the balance sheet and those that are not.
Verified Answer
PK
Philemon KerruMay 14, 2024
Final Answer :
C
Explanation :
Service Revenue is not listed on the balance sheet; it is reported on the income statement. The balance sheet includes assets, liabilities, and equity, such as Accounts Payable (liability), Accounts Receivable (asset), and Equipment (asset).
Learning Objectives
- Distinguish between assets that are included on the balance sheet and those that are not.