A statement of owner's equity reports the changes in the owner's equity for a period of time. True False

TRUE

Explanation:

A statement of owner's equity is a financial statement that report the changes in the equity section of the balance sheet during an accounting period. It also reports the event that increased or decreased stakeholder equity over a period of time.

Statement of owner's equity is also prepared for the sole proprietorship business, it shows the changes in capital Account die to contribution, withdrawal and net loss thereby helping users of financial statement to identify the factors that caused a change in the owners equity for a period of time.

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