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Which statement best explains Balance sheet?

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Question ID #25896 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Which statement best explains Balance sheet?

Correct Answer: D. Statement of financial position showing assets, liabilities and equity at a point in time
Balance sheet: Statement of financial position showing assets, liabilities and equity at a point in time

Question: Which statement best explains Balance sheet?

A. Statement reconciling differences between bank balance per books and bank statement

B. Expense incurred but not yet paid

C. Payment made in advance for a future accounting period

D. Statement of financial position showing assets, liabilities and equity at a point in time

Correct Answer: D. Statement of financial position showing assets, liabilities and equity at a point in timeBalance sheet: Statement of financial position showing assets, liabilities and equity at a point in time

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Which statement best explains Balance sheet? - MCQ Explanation

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Correct answer: D. Statement of financial position showing assets, liabilities and equity at a point in time