Question

______ is a financial statement which sets out assets and liabilities as on a certain date. 

Options

• Trading account

• Profit and Loss Account

• Balance Sheet

• Cash Budget

Answer 1

Balance sheet is a financial statement which sets out assets and liabilities as on a certain date. 

Explanation:

A Balance Sheet is a financial statement that sets out the assets and liabilities of a trading or non-trading organisation as of a certain date.