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WAEC Financial Accounting 2004 Question 48

Question 48

Final Accounts of a Sole Trader

A statement that measures the performance of a business over a period of time is the

  1. A.Balance sheet
  2. B.Bank statement
  3. C.Funds flow statement
  4. D.Profit and loss account.
Show the answer and explanation

Answer: D (Profit and loss account.)

Explanation

Performance over a period is shown by the profit and loss account; the balance sheet shows position at a date.