The statement of affairs prepared from incomplete records can be described as?
FINANCIAL
JAMB 1998
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: B. a balance sheet at a particular date showing the assets and liabilities of the business
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