Balance of sheet is understood as ?
Correct answer: B. Statements of accounts that shows debit and credit accounts under the broad heads
- A. Profit in a year
- B. Statements of accounts that shows debit and credit accounts under the broad heads
- C. Performance of a company
- D. Accurate economic position
Explanation
A balance sheet is a statement showing a firm's financial position through broad categories such as assets, liabilities and owners' equity. It is not merely annual profit or company performance, although it helps assess the firm's economic position.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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