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Analysing Comparative Balance Sheet

Select the mo...

Question

Select the most appropriate alternative from those given below:
_______ is a statement which shows the financial position of business on a specified date.

A

Trading Account

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B

Trail Balance

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C

Balance Sheet

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D

Profit and Loss A/c

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Solution

The correct option is C Balance Sheet
Balance sheet is a statement which shows the financial position of business on a specified date. It shows the balances of assets and liabilities at a particular time, which is at the end of the year. It is one of the main financial statements of the company.

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