Question

Which of the following are the basic elements of a balance sheet?

A. Income, expenses, and outcome

B. Operations, sales, and growth

C. Assets, liabilities, and stockholder's equity

D. Receipts, deductions, and taxes

E. Budgets, controls, and corrective actions

Answer 1

The basic elements of a balance sheet are assets, liabilities, and stockholder's equity.

Step-by-step explanation:

An asset is something of value that you own and can use to produce something. Examples of assets include cash and homes. A liability is a debt or something you owe, such as a mortgage. The basic elements of a balance sheet are assets, liabilities, and stockholder's equity. Stockholder's equity represents the net worth of a company, which is the asset value minus the liabilities.