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JAMB Principles of Accounts 1994 Question 15

Question 15

Final Accounts of a Sole Trader

The financial position of an organization at a particular time can be ascertained from the

  1. A.statement of sources and application of fund
  2. B.statement of retained earnings
  3. C.balance sheet
  4. D.profit and loss account.
Show the answer and explanation

Answer: C (balance sheet)

Explanation

A balance sheet shows assets, liabilities and capital at one date, that is, the financial position.