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Overview of Financial Statements

Give one word...

Question

Give one word/term or phrase for each of the following statements.

Statement Showing financial position of business.

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Solution

Statement showing financial position of business- Balance Sheet

Explanation:
The Balance Sheet is a statement that shows the financial position of a business in the form of assets and liabilities. This statement is prepared after the preparation of a Trading and Profit and Loss Account. The balances of all personal and real accounts are transferred to the Assets or Liabilities side of the Balance Sheet.

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