Question

Q17 Which of the following is position
statement
(1) Trial balance
(2) Profit & Loss
(3)BRS
(4)Balance sheet​

Answer 1

Answer:

While it is arrived at through the income statement, the net profit is also used in both the balance sheet and the cash flow statement. Assuming there are no dividends, the change in retained earnings between periods should equal the net earnings in those periods.

Answer 2

Which of the following is position statement?

(1) Trial balance

(2) Profit & Loss

(3) BRS

(4) Balance sheet

The correct answer is :

(4) Balance sheet

Explanation :

• A balance sheet is a position statement.
• A balance sheet is a financial statement of any company, prepared at a particular point in time. The balance sheet represents a representation of the values ​​of a company's assets, liabilities and shareholders' equity.
• A balance sheet represents the current financial position of any company. For this reason, a balance sheet can also be called a position statement. The other three options are not correct in this context.
• Therefore, the balance sheet can be referred to as a position statement.

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Know something more :

The value of abnormal loss is debited on the basis of ?

A. Profit and loss account

B. Consignee's account

C. Consignor's account

D. Consignment account

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______ covers accounts of whole business relating to all commercial transactions.

a. financial accounting b. cost accounting

c. environmental accounting d. EVS