Question

Among the financial statements, ___________ is/ are referred to as ‘period statement’.
Select one:
a. Both (a) and (b)
b. Profit & Loss Account
c. Balance Sheet
d. Trading Account.
​

Answer 1

Answer:

both (a) and (b) is right answer.

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Answer 2

Answer:

Among the financial statements, Balance Sheet is referred to as ‘period statement’.

Explanation:

What exactly is a 'balance sheet'?

A balance sheet displays a company's assets, liabilities, and shareholders' equity at a certain point in time and serves as the foundation for calculating rates of return and assessing its capital structure. While the balance sheet can be prepared at any time, it is typically prepared at the end of the fiscal period. The adjusted trial balance of the corporation contains the majority of the information concerning assets, liabilities, and owner equity elements.

In a nutshell, a balance sheet is a financial statement that shows what a firm owns and owes, as well as the amount of money invested by shareholders. Balance sheets, together with other significant financial statements, can be used to undertake fundamental analysis or calculate.

To learn more About balance sheet refer to:

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