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Financial Statements of a Company — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyFinancial Statements of a Company1 Mark
Question
Which statement is prepared to show resources and obligations for acquiring its resources?
  1. Statement of fund flow
  2. Statement of cash flow
  3. Statement of balance sheet
  4. Statement of profit & loss
✓

Answer

  1. Statement of balance sheet
Explanation:

Balance sheet is a statement that shows the resources and obligations for acquiring its resources this means this shows the balances of assets and liabilities of the company at the end of the year.

It shows the resources available for acquiring the resources and the obligations that have to be met to acquire resources.

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