Select the most appropriate alternative from those given below and rewrite the statement.
A statement showing financial position of the business is called as _________________.
A statement showing financial position of the business is called as Balance Sheet.
Explanation: A Balance Sheet is a statement containing balances of ledger accounts that are still open after the transfer of all nominal accounts to the Trading and Profit & Loss Account. The balances of all the personal and real accounts are grouped as assets and liabilities and transferred to the Balance Sheet.