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Question
Statement of affairs is just like ______________.
Statement of affairs is just like ______________.
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Solution
The correct option is A Balance sheet
Under Single entry system Opening Capital is ascertained from the Accounting equation "CAPITAL = ASSET - LIABILITIES" Such statement which makes use of equation is called opening statement of affairs.
Balance sheet is the statement which comprises of the assets, liabilities and the capital which also satisfies the accounting equation.Therefore, statement of affairs is considered similar to the balance sheet.
Under Single entry system Opening Capital is ascertained from the Accounting equation "CAPITAL = ASSET - LIABILITIES"
Such statement which makes use of equation is called opening statement of affairs.
Balance sheet is the statement which comprises of the assets, liabilities and the capital which also satisfies the accounting equation.
Balance sheet is the statement which comprises of the assets, liabilities and the capital which also satisfies the accounting equation.
Therefore, statement of affairs is considered similar to the balance sheet.
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