a statement showing a trader’s financial position as at a particular date is an
-
A.
trading account -
B.
profit and loss account -
C.
balance sheet -
D.
appropriation account
Correct Answer: Option C
Explanation
A balance sheet is a financial statement that reports a company’s assets, liabilities and shareholders’ equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.