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UI Post-UTME Financial Accounting 2024 (Model questions) Question 19

Question 19

Final Accounts of a Sole Trader

A statement that shows the financial position of a business is

  1. A.profit and loss account
  2. B.Trading Account
  3. C.Statement of income
  4. D.Balance sheet
Show the answer and explanation

Answer: D (Balance sheet)

Explanation

The balance sheet (statement of financial position) shows assets, liabilities and capital at a date.