{"id":58296,"date":"2024-04-16T01:17:01","date_gmt":"2024-04-16T01:17:01","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=58296"},"modified":"2024-04-16T01:17:01","modified_gmt":"2024-04-16T01:17:01","slug":"which-of-the-following-is-true-i-balance-sheet-is-alway-sprepared-from-the-point-of-view-of-the-business-but-not-from-the-point-of-view-of-the-owners-ii-the-financial-relationship-of-the-business","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-is-true-i-balance-sheet-is-alway-sprepared-from-the-point-of-view-of-the-business-but-not-from-the-point-of-view-of-the-owners-ii-the-financial-relationship-of-the-business\/","title":{"rendered":"Which of the following is true? i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners. ii. The financial relationship of the business to its owners is shown in the balance sheet. iii. Balance sheet is always related to a period of time."},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a972c4f718f4\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    i and ii                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    ii and iii                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    i and iii                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    i, ii and iii                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. i and iii<\/strong><\/p>\n<p>A balance sheet is a financial statement that reports a company&#8217;s assets, liabilities, and equity at a specific point in time. It is prepared from the point of view of the business, which means that it shows the company&#8217;s financial position from the perspective of its owners. The balance sheet does not show the financial relationship of the business to its owners, as this is not relevant to the company&#8217;s financial position.<\/p>\n<p>The balance sheet is always related to a specific point in time, which is called the balance sheet date. The balance sheet date is usually the end of the company&#8217;s financial year.<\/p>\n<p>Option (i) is true because the balance sheet is prepared from the <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> point of view of the business. Option (ii) is false because the balance sheet does not show the financial relationship of the business to its owners. Option (iii) is true because the balance sheet is always related to a specific point in time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following is true? i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners. ii. The financial relationship of the business to its owners is shown in the balance sheet. iii. 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Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners. ii. The financial relationship of the business to its owners is shown in the balance sheet. iii. Balance sheet is always related to a period of time.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-is-true-i-balance-sheet-is-alway-sprepared-from-the-point-of-view-of-the-business-but-not-from-the-point-of-view-of-the-owners-ii-the-financial-relationship-of-the-business\/","og_locale":"en_US","og_type":"article","og_title":"Which of the following is true? i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners. ii. The financial relationship of the business to its owners is shown in the balance sheet. iii. 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