SELECT * FROM question_mgmt as q WHERE id=4764 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=2 AND subId=11 AND chapterId=204 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)
What is a balance sheet. What are its characteristics?
After determination of financial results by preparation of Trading and Profit and Loss account, balance sheet is prepared to record capital liabilities and assets of the business.
Balance sheet is a statement containing ledger balances of Real and Personal accounts. Unlike Trading and Profit and Loss accounts, it is not an account.
Characteristics of balance sheet:
(i) It is always prepared on a particular date.
(ii) The total of both the sides must be equal.
(iii) It shows the financial position of the business.
(iv) It is a statement not an account.
(v) It has no debit and credit side.
(vi) Neither ‘To’ nor ‘By’ are used before the names of the account.
Read the following transactions and identify the cause of difference on the basis of time gap or errors made by business firm/bank. Put a sign (✓) for the correct cause.
S. No. | Transactions | Time Gap | Errors made by business/ bank |
1.
3. 4. 5. |
Cheque issued to customer but not presented for payment. Cheque amounting to Rs. 5,000 issued to Interest credited by the bank but yet not recorded by Cheque deposited into the bank but not yet collected Bank charges debited to firm's current account by the |
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Report a problem on Specifications: