CUET Preparation Today
| Balance sheet is also called as : |
Statement of financial Position Funds Flow Statement Either 1 or 2 None of the above |
| Statement of financial Position |
| The balance sheet shows all the assets owned by the concern, all the obligations or liabilities payable to outsiders or creditors and claims of the owners on a particular date. It is one of the important statements depicting the financial position or status or strength of an undertaking. The balance sheet - also called the Statement of Financial Position - serves as a snapshot, providing the most comprehensive picture of an organization's financial situation. It reports on an organization's assets (what is owned) and liabilities (what is owed). |
