Q.Which financial statement shows the position of a business as on a particular DATE, rather than for a period?
(A) Trading Account
(B) Profit and Loss Account
(C) Balance Sheet
(D) Both Trading and Profit and Loss Account

Only the Balance Sheet is drawn 'as on' a specific date; the Trading and P&L Account cover a whole accounting period.

The Trading and Profit and Loss Account are both headed 'for the year ended...' — they summarise a whole PERIOD. Only the Balance Sheet is headed 'as at...' or 'as on...' — a snapshot of one specific date.

Option-by-option analysis:

• (A) Incorrect — Trading Account covers a period.
• (B) Incorrect — Profit and Loss Account covers a period. …