The balance sheet displays the company's total assets, and how these assets are financed, through either debt or equity. It can also be referred to as a statement of net worth, or a statement of financial position. The balance sheet is based on the fundamental equation Assets Liabilities. Assets True False 17 of 2 Notes recevable is a balance sheet item that records the value of promissory notes that a business is owed and should receive payment for O True False Inventory is not a current asset account found on the balance sheet consisting of all raw materials that a company has accumulated O True O False Bonds payable are generated when a company issues bonds to generate cash for accounts receivable O True O False Other short-term business debts include expenses such as payroll costs, business income taxes, and short-term loans O True False