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.

Assertion (A) is not correct but the Reason (R) is correct.

Financial statements are the basic and formal annual reports. The balance sheet (position statement) as at the end of accounting period.