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A. The fair value of the firm’s assets at some moment in time.
B. The status of the firm’s assets in case of forced liquidation of the firm.
C. The success of a company’s operations for a given amount of time.
D. Items of value, debt, and net worth.
Answer (D) is correct. The balance sheet presents three major financial accounting elements: assets (items of value), liabilities (debts), and equity (net worth).
A. The fair value of the firm’s assets at some moment in time.
