GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Balance sheet shows
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Assets
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Liabilities
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Both assets and liabilities
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Neither of them
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -Because assets are funded through a combination of liabilities and equity, the two halves should always be balanced. The balance sheet equation provides a simple breakdown of the concept above.
Detailed explanation-3: -Comparative balance sheets. Vertical balance sheets. Horizontal balance sheets. 04-Jul-2022
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