A _____ gives an overview of assets, equity, and liabilities of the company.

Balance sheet

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Cash Flow Statement

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Profit & Loss account

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None of the above

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Solution

The correct option is A
Balance sheet

A Balance Sheet gives an overview of assets, equity, and liabilities of the company.

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Similar questions

Q. Which of the following, equations properly represents a derivation of the fundamental accounting equation?
(a) Assets + Liabilities = Owner Equity
(b) Asset = Owner Equity
(c) Cash = Assets
(d) Assets - Liabilities = Owner Equity

Following are the Balance Sheets of Krish Tech Ltd. for the year ended 31st March, 2012 and 2013 (Revised).
$\begin{matrix} Particulars & Note & Amount (Rs) & Amount (Rs) No. & 2012 - 13 & 2011 - 12 1. Equity and Liabilities (1) Shareholders' Funds (a) Share Capital & 12, 00, 000 & 8, 00, 000 (b) Reserves and Surplus (Profit & Loss Balance) & 3, 50, 000 & 4, 00, 000 (2) Non-current liabilities Long term borrowings & 4, 40, 000 & 3, 50, 000 (3) Current liability : Trade Payables & 60, 000 & 50, 000 Total & 20, 50, 000 & 16, 00, 000 II. Assets (1) Non-current Assets (a) Fixed Assets (i) Tangible Assets & 12, 00, 000 & 9, 00, 000 (2) Current Assets (a) Inventories & 2, 00, 000 & 1, 00, 000 (b) Trade Receivables & 3, 10, 000 & 2, 30, 000 (c) Cash and cash equivalents & 3, 40, 000 & 3, 70, 000 Total & 20, 50, 000 & 16, 00, 000 \end{matrix}$

Prepare a Cash Flow Statement after taking into account the following adjustments.

(a) The company paid interest Rs 36,000 on its long-term borrowing.

(b) Depreciation charged on tangible fixed assets was Rs 1,20,000.

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

Q. _______ is the major head under equity and liabilities part of company balance sheet.

Following is the Balance Sheet of Wisben Led , as on 31st March, 2012.

$\begin{matrix} Particulars & Notes to & Current Year & Previous Year (Rs) & (Rs) 1. Equity and Liabilities : (1) Shareholders' Funds (a) Share Capital & 7, 00, 000 & 6, 00, 000 (b) Reserve and Surplus (Profit and Loss Balance) & 2, 00, 000 & 1, 10, 000 (2) Non-current Liabilities Long-term Borrowings & 3, 00, 000 & 2, 00, 000 (3) Current Liabilities Trade Payables & 30, 000 & 25, 000 Total & 12, 30, 000 & 9, 35, 000 II. Assets : (1)Non-current Assets & 11, 00, 000 & 8, 00, 000 (a) Fixed Asset : Tangible Assets (2) Current Assets (a)Inventories & 70, 000 & 60, 000 (b) Trade Receivables & 32, 000 & 40, 000 CAsh and Cash Equivalents & 28, 000 & 35, 000 Total & 12, 30, 000 & 9, 35, 000 \end{matrix}$

Adjustments : During the year a piece of machinery of the book value of Rs 80,000 was sold for Rs 65,000.Depreciation provided on tangible assets during the year amounted to Rs 2,00,000. Prepare a Cash Flow Statement.

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A _____ gives an overview of assets, equity, and liabilities of the company.

The correct option is A Balance sheet A Balance Sheet gives an overview of assets, equity, and liabilities of the company.

The correct option is A
Balance sheet

A Balance Sheet gives an overview of assets, equity, and liabilities of the company.