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WAEC Financial Accounting 2016 Question 15

Question 15

Final Accounts of a Sole Trader

The balance sheet is prepared to reveal

  1. A.the result of the operations for the period under review.
  2. B.the financial position of the business.
  3. C.the arithmetical accuracy of the ledger accounts.
  4. D.the accruals and payments.
Show the answer and explanation

Answer: B (the financial position of the business.)

Explanation

The balance sheet shows assets, liabilities and capital at a date: the financial position.