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Question
It is not an account but a statement.
Options
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
Solution
Balance Sheet
Explanation:
A Balance Sheet is not an account but a statement. It provides a detailed summary of an organization’s financial position at a specific point in time, showing its assets, liabilities, and equity.
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RELATED QUESTIONS
What are the features of a Balance Sheet?
Explain five uses of Balance Sheet.
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It helps the investor to know the earning capacity and financial health of the firm.
______ is a financial statement which sets out assets and liabilities as on a certain date.
Distinguish between a Profit and Loss Account and a Balance Sheet.
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Write a short note on Role of Balance Sheet in decision making.
