A statement similar to balance sheet is nothing but the _________.

statement of affairs

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statement of profit and loss

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balance sheet

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cash flow statement

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Solution

The correct option is A statement of affairs
Under single entry system to find out net profit or loss for the year opening capital is deducted from closing capital. In order to find this capital the statements of affairs are prepared were, assets are deducted from liabilities. Hence, this is similar to balance sheet.

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Similar questions

A Statement of Affairs is similar to the :

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

List-I	List-II
(i) Statement of changes in Working Capital	(a) Cash Flow Statement
(ii) Deferred Tax	(b) Fixed Assets
(iii) Three activities	(c) Funds Flow Statement
(iv) Impairment Loss	(d) Balance Sheet

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