BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The following is a statement showing the financial status of the company at any given time.
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Trading Account
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Profit and Loss Account
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Balance Sheet
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Cash Book
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Explanation:
Detailed explanation-1: -A balance sheet is a financial statement that summarizes a company’s assets, liabilities and shareholder’s equity at a specific point of time.
Detailed explanation-2: -Both Statement of Profit and Loss & Balance Sheet are financial statements of the company.
Detailed explanation-3: -A balance sheet is a financial statement that contains details of a company’s assets or liabilities at a specific point in time. It is one of the three core financial statements (income statement and cash flow statement being the other two) used for evaluating the performance of a business.
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