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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