Which of the following best describes the balance sheet?

[answerhappygod]

A) It includes a listing of assets at their market values.
B) It includes a listing of assets, liabilities, and stockholders' equity at their market values.
C) It provides information pertaining to a company's economic resources and the sources of
financing for those resources.
D) It provides information pertaining to a company's liabilities for a period of time.

Answer: C
Explanation: The balance sheet reports the economic resources (assets), and the liabilities and
stockholders' equity (financing sources) at their historical costs.