4. What is balance sheet ? Give the specimen of Balance sheet (with
imaginary figures
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balance sheet (also called the statement of financial position), can be defined as a statement of a firm's assets, liabilities and net worth. It provides a snapshot of a business at a point in time. These are prepared at the end of an accounting period like a month, quarter or year end.
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balanced sheet is the financial statement of a company which includes assert, liabilities equity capital, total dept etc at a point in the time. Balanced sheet includes assests on one side and liabilities in the other.
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