The financial statement which is an expression of the accounting equation is the

Accounts - Principles of Accounts

WAEC 2016

A. Trading account
B. Profit and loss account
C. Balance sheet
D. Statement of cash flow

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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 at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

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The financial statement which is an expression of the accounting equation is the

Correct Answer: Option C

Explanation

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