BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Statement of product details
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Reconciliation Statement
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Balance Sheet
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Quarterly returns submitted to RBI
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Detailed explanation-1: -What Is a Balance Sheet? The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time. Balance sheets provide the basis for computing rates of return for investors and evaluating a company’s capital structure.
Detailed explanation-2: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation. It reports on an organization’s assets (what is owned) and liabilities (what is owed).
Detailed explanation-3: -Financial statement showing all assets and liabilities is called the Balance sheet. It is not an account. It is a position statement which shows various assets owned by the firm and various liabilities owned by it.
Detailed explanation-4: -A set of financial statements includes two essential statements: The balance sheet and the income statement.