12
Question
Write one Word / Term / Phrase for each of the following statement.
A statement showing the financial position of a concern on a particular date.
A statement showing the financial position of a concern on a particular date.
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Solution
Balance Sheet
Explanation: A statement prepared to ascertain the financial position of a business at the end of the accounting year is regarded as a Balance Sheet. It contains only capital items, i.e. assets, liabilities and capital fund. It is prepared after the transfer of all revenue incomes and expenses to the Income and Expenditure Account.
Explanation: A statement prepared to ascertain the financial position of a business at the end of the accounting year is regarded as a Balance Sheet. It contains only capital items, i.e. assets, liabilities and capital fund. It is prepared after the transfer of all revenue incomes and expenses to the Income and Expenditure Account.
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