Commercial Applications
Which of the following is not a feature of Balance Sheet?
- It is statement
- Reflects profit-loss of an organization
- It shows Capital Fund of the organization
- It shows financial position of the organization
Accounting
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Answer
Reflects profit-loss of an organization
Reason — Reflecting profit or loss is NOT a feature of the Balance Sheet — that is the function of the Profit and Loss Account (or Income and Expenditure Account in case of non-trading organisations). The Balance Sheet is a statement (not an account) that shows assets, liabilities and Capital Fund, depicting the financial position of the organisation on a particular date.
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Related Questions
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Receipt and Payment account is a …………… account.
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