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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.
Options
Trading account
Profit and Loss account
Balance sheet
Manufacturing account
MCQ
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Solution
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.
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