Question

Balance Sheet is called Balance Sheet because it is a sheet of those ledger accounts which have not been closed by transferring to Trading Account and Profit and Loss Account.

पर्याय

• True

• False

Answer 1

True

Explanation:

The Balance Sheet lists assets, liabilities, and capital, with ledger accounts whose balances remain after closing entries (i.e., are not transferred to Trading or Profit & Loss accounts). Income and expense accounts are closed; remaining real and personal balances appear in the Balance Sheet.