Question

The three parts of a balance sheet heading are

O name of business, name of financial statement, date
O assets, liabilities, owner's equity
month, day, year
O none of the above

Answer 1

The three parts of a balance sheet heading are the name of the business, the name of the financial statement, and the date.

Step-by-step explanation:

The three parts of a balance sheet heading are the name of the business, the name of the financial statement, and the date. Therefore, the correct answer to this question would be name of business, name of financial statement, date. These components provide the necessary information to identify the balance sheet and the time period it represents.

When looking at a balance sheet format, such as the T-account, it's essential to distinguish between the components of the heading and the content of the statement. While assets, liabilities, and owner's equity are the main categories of items listed on a balance sheet, they are not part of the heading but rather the body of the statement itself. Similarly, the specific dates like month, day, and year are details that fall under the broader category of the date in the heading.