Download App

Final Accounts of a Proprietary Concern — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyFinal Accounts of a Proprietary Concern2 Marks
Question
A balance Sheet is a real account.
✓

Answer

This statement is False.
The balance sheet is a statement prepare at the end of the financial or accounting year. It is not an Account. It gives an idea of Total Assets and liabilities on a particular day.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "State whether the following statements are true or false with reasons" from Final Accounts of a Proprietary Concern→Final Accounts of a Proprietary Concern — all question types→Book Keeping & Accountancy STD 11 Commerce / Arts question papers→Maharashtra Board STD 11 Commerce / Arts question papers→Maharashtra Board question paper generator→

Similar questions

Income received in advance is a liability.
→
The cost or sacrifice which is incurred to run the business is known as an income.
→
The discount allowed is a real account.
→
Excess of revenue over expenses is called loss.
→
Statement of Affairs and Balance Sheet are one and the same.
→
Conservatism means to follow the safe side.
→
Benefits which are given by giver to the receiver is known as discount.
→
Drawings made by the proprietor increase his capital.
→
A sports club is a trading concern.
→
A journal voucher is a must for all transactions recorded in the Journal.
→