There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the options given below.
Assertion (A): The Balance Sheet is a list of assets and liabilities of the company presented in a specified format for the year ended on that date.
Reason (R): The Balance Sheet is a statement of assets and liabilities of the company as at that date.
Answer & explanation
Correct answer: option 4
Financial statements are the basic and formal annual reports. The balance sheet (position statement) as at the end of accounting period.