QUESTION 3 Which of the following statements about a balance sheet is false? a. It reports assets, expenses, and owners' equity. ob. It is reported as of a specific point in time. oc. It reports assets, liabilities, and owners' equity. od. It shows the resources of the company and the claims on those resources. QUESTION 4 A list of accounts and their balances at a point in time is called O a. a journal. O b. an income statement. c. a posting. O d. a trial balance. QUESTION 5 Which of the following statements about liabilities is false? O a. They are a source of financing. b. They must equal assets + owners' equity. OC. They represent claims on assets. od. They must be repaid or otherwise satisifed in the future. QUESTION 6 The accounting equation may be expressed as o a. Assets + Liabilities - Stockholders' Equity ob. Assets + Stockholders' Equity = Liabilities oc. Assets = Liabilities + Stockholders' Equity. d. Assets = Stockholders' Equity - Liabilities