Which of the following is false regarding the balance sheet?
A. The accounts shown on a balance sheet represent the basic accounting equation for a particular business.
B. The retained earning balance shown on the balance sheet must agree with the ending retained earning balance shown on the statement of retained earnings.
C. The balance sheet summarizes the net changes in specific account balances over a period of time.
D. The balance sheet reports the amount of assets, liabilities, and stockholders equity of a business at a point in time.