A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account

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Solution

A Statement of Affairs is similar to the Balance sheet.

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Similar questions

Q. Select the most appropriate alternative from those given below and rewrite the statement.

_________________ is the list of all ledger balances.
a) balance sheet
b) trial balance
c) trading A/c
d) profit and loss A/c

Q. Select the most appropriate alternatives from those given below

A list of balances of all the accounts in ledger is called __________.
a) Balance Sheet
b) Profit & Loss A/c
c) Trading A/c
d) Trial Balance

Q. Select the most appropriate alternative from those given below and rewrite the statement.

A statement showing financial position of the business is called as _________________.
a) balance sheet
b) trial balance
c) capital
d) trading A/c

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. All expense and _______accounts appearing in the trial balance are transferred to the trading and profit and loss account.

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A Statement of Affairs is similar to the : (a) Balance sheet (b) Trial balance (c) Trading Account (d) Profit & Loss Account

A Statement of Affairs is similar to the Balance sheet.

A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account