Question

Principles of Financial Accounting Project 10: Long-Term Liabilities (Ch 10) Part C: Financial Statements. The accounts of Full Out Corporation are listed along with their adjusted balances before closing for the year ended June. This is:

a. Financial statement
b. Balance sheet
c. Trial balance
d. Income statement

Answer 1

A bank's balance sheet is a financial statement that lists the bank's assets and liabilities, including deposits made by customers and loans made by the bank. The net worth of the bank, or bank capital, is calculated by subtracting the total liabilities from the total assets. Therefore, the correct option is A.

Step-by-step explanation:

A bank's balance sheet is a type of financial statement that lists the bank's assets and liabilities. Assets are things of value that the bank owns, such as cash and loans made to other parties, while liabilities are what the bank owes to others, such as deposits made by customers. The net worth of the bank, also known as bank capital, is calculated by subtracting the total liabilities from the total assets. This information is important for assessing the financial health and stability of a bank.