Commercial Applications
…………… shows the financial position of the organization.
- Trial balance
- Profit and Loss account
- Balance sheet
- Income and Expenditure account
Accounting
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Answer
Balance sheet
Reason — Balance Sheet is a statement which shows the assets and liabilities of an organisation and its capital fund on a particular date. It depicts the financial position of the organisation on a specified date. Trial balance only checks arithmetical accuracy; Profit and Loss Account / Income and Expenditure Account show financial performance, not financial position.
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Related Questions
If the total of …………… side is greater than the total of …………… side, it is called 'surplus' or 'excess of income over expenditure'.
- Debit, credit
- Credit, debit
- Credit, credit
- Debit, debit
Which of the following is/are correct statement(s)?
Statement 1: Income and Expenditure Account includes both capital and revenue items.
Statement 2: Receipts and Payments Account is a summary of cash transactions over a specific period.
- Only Statement 1 is correct
- Only Statement 2 is correct
- Both Statements 1 and 2 are correct
- Both Statements 1 and 2 are incorrect
Receipt and Payment account is a …………… account.
- Real
- Nominal
- Personal
- Trading
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