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Question
Which of the following is not a feature of Balance Sheet?
Options
It is statement.
Reflects profit and loss of an organization.
It shows Capital Fund of the organization.
It shows financial position of the organization.
Solution
Reflects profit and loss of an organization.
Explanation:
The Balance Sheet does not reflect an organization's profit or loss. Instead, the profit or loss is reflected in the Income and Expenditure Account.
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RELATED QUESTIONS
What are the features of a Balance Sheet?
Explain five uses of 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?
Distinguish between a Profit and Loss Account and a Balance Sheet.
It is not an account but a statement.
State any two uses of Balance Sheet.
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
