Question 16 of 30
Q.Financial position of a business is ascertained on the basis of :
(a) Balance sheet
(b) Journal
(c) Ledger
(d) Trial Balance
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2023MCQ· 1mImportance★★★★★
53% · 16/30 Questions
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Start your 14-day free trial to unlock the full solution →Financial position is ascertained from the balance sheet, so the answer is (a).
The balance sheet is a statement of the assets, liabilities and capital of a business as on a particular date. By showing what the firm owns (assets) against what it owes (liabilities and capital), it reveals the financial position or soundness of the business.
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