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Question

Balance Sheet shows _________________.


A
The financial performance at a particular date
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B
The financial position at a particular date
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C
The financial position for an accounting period
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D
The financial performance for an accounting period
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Solution

The correct option is B The financial position at a particular date
A balance sheet is a statement which is prepared at the end of the year. It shows the balances of assets and liabilities at the end of the year. It is prepared at a particular point of time. Hence, its said that balance sheet shows the financial position on a particular date. 

Accountancy

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