{"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":"

[amp_mcq option1=”i and ii” option2=”ii and iii” option3=”i and iii” option4=”i, ii and iii” correct=”option3″]<\/p>\n

The correct answer is: C. i and iii<\/strong><\/p>\n

A balance sheet is a financial statement that reports a company’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’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’s financial position.<\/p>\n

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’s financial year.<\/p>\n

Option (i) is true because the balance sheet is prepared from the 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":"

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