Question

A ______ is a statement of assets and liabilities at the end of the period. It shows the financial position of a business on a certain date and represents the third and final stage.

पर्याय

• Trading account

• Profit and Loss account

• Balance sheet

• Manufacturing account

Answer 1

A balance sheet is a statement of assets and liabilities at the end of the period. It shows the financial position of a business on a certain date and represents the third and final stage.

Explanation:

A balance sheet is a financial statement which sets out the assets and liabilities of a trading or non-trading organisation as on a certain date.