Question: II. Which statement regarding the balance sheet is correct? The amount in the balance sheet accounts reflects the total activity in that account during the

II.

Which statement regarding the balance sheet is correct?

The amount in the balance sheet accounts reflects the total activity in that account during the year. In the balance sheet, Assets plus Shareholders' Equity equal Liabilities. Balance sheet accounts are cleared to zero each year if there are no transactions during the year. Differences in balance sheet accounts from one period to the next reflect activity in that period.

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