passwella.
Menu

WAEC Financial Accounting 1999 Question 36

Question 36

Final Accounts of a Sole Trader

A Balance Sheet is a

  1. A.form of trading account
  2. B.proof of arithmetical accuracy of postings
  3. C.statement showing profits at a certain date
  4. D.statement showing assets and liabilities at a certain date.
Show the answer and explanation

Answer: D (statement showing assets and liabilities at a certain date.)

Explanation

A balance sheet lists assets, liabilities and capital at a particular date.