Which of the following is false regarding the balancesheet?a. The accounts shown on a balance sheet represent thebasic accounting equation for a particular business.b. The retained earnings balance shown on the balancesheet must agree with the ending retained earnings balance shown on the statement of retained earnings.c. The balance sheet summarizes the net changes in specific account balances over a period of time.d. The balance sheet reports the amount of assets, liabilities,and stockholders’ equity of a business at a point in time.

Question

Which of the following is false regarding the balance
sheet?
a. The accounts shown on a balance sheet represent the
basic accounting equation for a particular business.
b. The retained earnings balance shown on the balance
sheet must agree with the ending retained earnings balance shown on the statement of retained earnings.
c. The balance sheet summarizes the net changes in specific account balances over a period of time.
d. The balance sheet reports the amount of assets, liabilities,
and stockholders’ equity of a business at a point in time.

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