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WAEC Financial Accounting 2013 Question 49

Question 49

Final Accounts of a Sole Trader

A statement showing a trader's financial position as at a particular date is a/an

  1. A.trading account.
  2. B.profit and loss account.
  3. C.balance sheet.
  4. D.appropriation account.
Show the answer and explanation

Answer: C (balance sheet.)

Explanation

The balance sheet shows assets, liabilities and capital at a particular date.