Two common subgroups for liabilities on a classified balance sheet are: A: current liabilities and intangible liabilities. B: present liabilities and operating liabilities. C: general liabilities and specific liabilities. D: intangible liabilities and long-term liabilities. E: current liabilities and long-term liabilities.

The ________ shows the assets, liabilities, and owners' equity of a firm, at a specific point in time. A: income statement B: balance sheet C: statement of cash flows D: trial balance

The last component of the balance sheet is _1__. It is what remains when you __2_all of the liabilities from all of the assets and it indicates the __3_ of a company.

The balance sheet reports: A: a.the assets, liabilities, gains, and losses for a period of time B: b.the changes in assets, liabilities, and equity for a period of time C: c.the assets, expenses, and liabilities as of a certain date D: dthe financial condition of an accounting entity as of a particular date

Which statement regarding the liabilities and owners’ equity section of balance sheet is False? A: Payment of Dividend Payable eliminates both the assets and the owners’ equity. B: Liabilities are debts or obligations that must be discharged in money or services in the future. C: Owners’ equity is a residual claim to the remaining assets after discharge of debts. D: Balance sheet of corporations should separate Capital Stock and Retained Earnings