Which of the following statements describes the balance sheet?

[answerhappygod]

A) It reports a company's revenues and expenses.
B) Assets are generally reported on the balance sheet at the cost incurred to acquire them.
C) Stockholders' equity includes only retained earnings.
D) It reports a company's cash flow from operations.
Answer: B
Explanation: The balance sheet generally reports assets, liabilities, and stockholders' equity at
the initial cost incurred to acquire them.