The statement of affairs prepared from incomplete records can be described as?

The statement of affairs prepared from incomplete records can be described as?
  • A.
    the summary of all the business transactions of the trader ascertained by the accountant
  • B.
    a balance sheet at a particular date showing the assets and liabilities of the business
  • C.
    a schedule of all the business ventures entered into for the period to which the records relates
  • D.
    the statement that shows the profit or loss made during the period
Correct Answer: Option B
Explanation
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