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Which of the following statements is true about a corporation's balance sheet?

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Which of the following statements is true about a corporation's balance sheet?

A.

It is also called a profit and loss statement.

B.

It summarizes a company's revenues and expenses for the firm's fiscal year.

C.

It lists a company's assets, liabilities, and net worth on the date the statement was prepared.

D.

It reports where a corporation's cash is being generated and where its cash is being spent for a specific period.

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TESTED 02 Jan 2026