Question

Which of these is not a feature of Balance sheet

• A. It is a statement of financial position as on a particular date
• B. Liabilities are shown on the left-hand side
• C. It is a memorandum A/c
• D. Assets and liabilities are presented either in liquidity or permanency order

Answer 1

The correct option is C It is a memorandum A/c

Memorandum accounts mean temporary statement. A balance sheet is a real statement which shows the financial position of a business on a given date.