The balance sheet is prepared to reveal - WAEC Accounting 2016 Question
The balance sheet is prepared to reveal
A
The result of the operations for the period under review
B
The financial position of the business
C
The arithmetical accuracy of the ledger accounts
D
The accruals and payment
correct option: b
The purpose of the balance sheet is to reveal the financial status of a business as of a specific point in time. The statement shows what an entity owns (assets) and how much it owes (liabilities), as well as the amount invested in the business (equity).
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