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Select the Most Appropriate Alternative from Those Given Below and Rewrite the Statement. - Book Keeping and Accountancy

MCQ

Select the most appropriate alternative from those given below and rewrite the statement.

A statement showing financial position of the business is called as _________________.

Options

  • balance sheet

  • trial balance

  • capital

  • trading A/c

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Solution

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.

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