_______ is a financial statement that shows the financial status of a business entity at a particular point of time.

Statement of Affairs

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Balance sheet

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Income statement

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Cash flow statement

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Solution

The correct option is B Balance sheet
Financial statement comprises of Profit & Loss account and Balance Sheet. Profit & Loss account shows the activities of the operations of the firm for a particular period i.e. a financial year whereas Balance Sheet gives the position of assets and liabilities of the firm on a particular date.

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