The form of balance sheet is. (a) Horizantal (b) Horizontal or vertical (c) Vertical (d) None of these
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1
Answer:
Explanation:
B
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2
Answer:
The correct answer is an option ( b ) Horizontal or vertical.
Explanation:
- A balance sheet is a financial statement that shows the assets, liabilities, and equity of a corporation.
- The balance sheet is typically formed in formats: account form (horizontal presentation) or report form (vertical presentation).
- Most businesses prefer the vertical report format, which deviates from the standard investment literature interpretation of the balance sheet as having "two sides" that balance out.
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