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The financial position of an organization at a particular time can be ascertained from the

Accounts - Principles of Accounts
JAMB 1994

The financial position of an organization at a particular time can be ascertained from the

  • A. statement of sources and application of funds
  • B. statement of retained earnings
  • C. balance sheet
  • D. profit and loss account
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Correct Answer: Option C
Explanation

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity. It simply shows the financial position of a business for a particular given period

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995