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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
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:
Balance Sheet means 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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RELATED QUESTIONS
Write any two uses of the Balance Sheet?
______ is not an account but only a statement of assets and liabilities.
The excess of assets over liabilities represents the ______ of the owner.
______ is a financial statement which sets out assets and liabilities as on a certain date.
Why is a Balance Sheet prepared?
______ shows the financial position of the organization.
Which of the following is not a feature of Balance Sheet?
All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.
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.
