Balance Sheet is an account.

Question

✓

Answer

False.
Reason: Balance Sheet is a statement and not an account. It has no debit or credit sides. It is only a statement showing the financial position of the firm on a particular date.

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 "True False[1 Marks ]" from Financial Statements - 2→Financial Statements - 2 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Goodwill is a tangible asset.

→

Prepaid rent is personal account.

→

Closing Stock given in the Trial Balance is shown only in the Balance Sheet.

→

Balance Sheet is prepared on a particular date and not for a particular accounting period.

→

A Profit and Loss Account is a point statement whereas a Balance Sheet is period statement.

→

Deferred Revenue Expenditure is current year's revenue expenditure to be paid in later years.

→

Goodwill is a fictitious asset.

→