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      Question

      Financial position of the business is ascertained on the

      basis of
      A Records prepared under book-keeping process. Correct Answer Incorrect Answer
      B Trial balance. Correct Answer Incorrect Answer
      C Balance Sheet. Correct Answer Incorrect Answer
      D Statement of Profit and loss Correct Answer Incorrect Answer
      E Fund Flow Statement Correct Answer Incorrect Answer

      Solution

      The balance sheet is one of the financial statements prepared by a business to provide information about its financial position at a specific point in time. The balance sheet shows the assets, liabilities, and equity of the business, and provides a snapshot of the business's financial position on the date the balance sheet is prepared.

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