Question

Financial position of a business is ascertained on the basis of
(a) Journal
(b) Trial balance
(c) Balance Sheet
(d) Ledger

Answer 1

Answer:

balance sheet........

Answer 2

They are ascertained on the basis of the Balance Sheet.

• Financial statements should be as clear and succinct as feasible when presenting the financial data of the firm to readers as well as the subject entity itself.
• Because it displays the firm's economic position, the balance sheet is referred to as a positioning statement.
• The sheet is created on a specific day, typically at the conclusion of the fiscal year.
• The balance displays a list of all the company's assets and liabilities and serves as an important medium for determination.

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