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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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