Question :

Which of the following equation is true for balance sheet


A) Assets = Liabilities + Capital
B) Liabilities = Assets + Capital
C) Capital = Assets + Liabilities
D) All of these

Answer : A

Description :


The balance sheet displays the company’s total assets, and how these assets are financed, through either debt or equity. It can also be referred to as a statement of net worth, or a statement of financial position. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity(Capital).


Related Questions - 1


Which option is true for viewing Profit & Loss A/C in Gateway of Tally


A) Gateway of Tally > Reports > Profit ; Loss A/C
B) Gateway of Tally > Display > Profit ; Loss A/C
C) Gateway of Tally > Account Books > Profit ; Loss A/C
D) None of these

View Answer

Related Questions - 2


Which option is used to open company created in Tally


A) Create Company
B) Alter
C) Select Company
D) Shut Company

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Related Questions - 3


Which of the following is not a disadvantage of introducing computerized accounting system


A) Possible demotivation through reundance
B) High expenditure on set up
C) Saving made on labour cost
D) Required staff training

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Related Questions - 4


Budget represents ________


A) Estimation
B) Forecasting
C) Assumption
D) All of these

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Related Questions - 5


 To get Payroll Reports choose


A) Gateway of Tally > Display
B) Gateway of Tally > Display > Statement of Accounts
C) Gateway of Tally > Display > Statement of Payroll
D) Gateway of Tally > Display > Payroll Reports

View Answer