Indicate whether the following statements concerning the balance sheet are true or false.\ The balance sheet is also called a statement of financial position.\ The balance sheet summarizes assets, liabilities, and owners' equity for a period of time.\ Assets minus liabilities equals the owners' interest in the business.\ Expenses reduce total assets on the balance sheet.

Indicate whether the following statements concerning the balance sheet are true or false. 1. The balance sheet is also called a statement of financial position. 2. The balance sheet summarizes assets, liabilities, and owners' equity for a period of time. 3. Assets minus liabilities equals the owners' interest in the business. 4. Expenses reduce total assets on the balance sheet