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WAEC Financial Accounting 2016 Question 49

Question 49

Final Accounts of a Sole Trader

The financial statement which is an expression of the accounting equation is the

  1. A.Trading Account.
  2. B.Profit and Loss Account.
  3. C.Balance sheet.
  4. D.Statement of cash flow.
Show the answer and explanation

Answer: C (Balance sheet.)

Explanation

The balance sheet shows assets = capital + liabilities.