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Question
______ is not an account but only a statement of assets and liabilities.
Options
Trading Account
Profit and loss account
Balance sheet
Manufacturing account
Solution
Balance sheet is not an account but only a statement of assets and liabilities.
Explanation:
A balance sheet is a financial statement that shows the relationship between assets and liabilities.
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RELATED QUESTIONS
What is a Balance Sheet?
It helps the investor to know the earning capacity and financial health of the firm.
Distinguish between a Profit and Loss Account and a Balance Sheet.
The main use(s) of a Balance Sheet for a non-trading organisation is/are ______.
It is not an account but a statement.
______ shows the financial position of the organization.
Which of the following is not a feature of Balance Sheet?
State any two uses of Balance Sheet.
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
Write a short note on Role of Balance Sheet in decision making.
