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
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