Which financial statement will be prepared to know the financial position of the business
A. Trial Balance
B. Profit and Loss account
C. Balance sheet
D. Cash flow statement
Answer:C
Which financial statement will be prepared to know the financial position of the business
A. Trial Balance B. Profit and Loss account C. Balance sheet D. Cash flow statement
Explanation: The Major reason to prepare a Balance Sheet is to know the Financial position of the business enterprise at a specific time.i.e. 31st March of every year. I.e. It shows the Assets, Liabilities, Reserves, Capital, and other balances at their Book values.