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Question
It is a statement of assets and liabilities. It is prepared to judge the financial position on a particular date.
Options
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
MCQ
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Solution
Balance Sheet
Explanation:
Balance Sheet means a statement which shows the assets and liabilities of an organisation and its capital on a particular date. It depicts the financial position of the organisation on a specified date.
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