The statement of financial position and the balance sheet are synonyms.

True

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False

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Partially true

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None of these

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Solution

The correct option is A
True

True. The statement of financial position and the balance sheet are synonyms.

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Q. Objective Type Questions :
State whether following statements are true or false :

Financial statements include only balance sheet.

Q. ___________ is generally conducted to ascertain whether the Balance Sheet and Profit & Loss A/c presents a true and fair view of the financial position.

State true of false :

Financial statements are an effective weapon in the lands of management.

Prepare Common-size Balance Sheet and comment on the financial position of Sun Ltd. and Star Ltd. The Balance Sheet of Sun Ltd. and Star Ltd. as at 31st March, 2019 are:

Particulars	Sun Ltd. (₹)	Star Ltd. (₹)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital	9,00,000	12,00,000
(b) Reserves and Surplus	4,00,000	3,50,000
2. Current Liabilities
Trade Payables (Creditors)	2,00,000	2,50,000
Total	15,00,000	18,00,000
II. ASSETS
1. Non-Current Assets
Fixed Assets (Tangible)	10,00,000	16,00,000
2. Current Assets
Trade Receivables (Debtors)	5,00,000	2,00,000
Total	15,00,000	18,00,000

Prepare a common size Balance Sheet and comment on the financial position of G Ltd. and L Ltd. The Balance Sheet of G Ltd. and L Ltd. as at 31.03.2018 are given below :

$\begin{matrix} Particulars & Note & G.Ltd & L. Ltd No. I. EQUITY AND LIABILITIES: & Rs & Rs (1) Shareholder's Funds & 3, 00, 000 & 4, 00, 000 (2) Non-Current Liabilities & 2, 00, 000 & 3, 00, 000 (3) Current Liabilities & 1, 00, 000 - -------- - & 50, 000 - -------- - TOTAL & 6, 00, 000 - -------- - - -------- - & 7, 50, 000 - -------- - - -------- - II. ASSETS: (1) Non-Current Assets (i) Tangible Assets & 2, 50, 000 & 3, 00, 000 (ii) Intangible Assets & 1, 50, 000 & 1, 00, 000 (2) Current Assets & 2, 00, 000 & 3, 50, 000 TOTAL & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 6, 00, 000 - -------- - - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 7, 50, 000 - -------- - - -------- - \end{matrix}$

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The statement of financial position and the balance sheet are synonyms.

The correct option is A True True. The statement of financial position and the balance sheet are synonyms.

The correct option is A
True

True. The statement of financial position and the balance sheet are synonyms.