Short Answer Questions · Q3
Q.Distinguish between statement of affairs and balance sheet.
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Start your 14-day free trial to unlock the full solution →Statement of affairs = from incomplete records, less reliable; balance sheet = from double entry, more reliable.
| Basis | Statement of affairs | Balance sheet |
|---|---|---|
| Reliability | Less reliable — prepared from incomplete records with estimated figures. | More reliable — prepared from double entry records verifiable from the ledger. |
| Objective | To estimate the capital on a particular date. | To show the true financial position on a particular date. |
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