Question:
Final Account is/an
Final Account is/an
Show Hint
Final Accounts summarize a business's financial performance and position.
Updated On: Nov 7, 2025
- Ledger
- Account and Statement
- Statement
- Account and Statement
Show Solution
Verified By Collegedunia
The Correct Option is B
Solution and Explanation
Step 1: Final Accounts include the Trading Account, Profit and Loss Account (which are accounts), and the Balance Sheet (which is a statement).
Step 2: This combination makes it both an account and a statement.
Step 3: Therefore, the correct option is (B) Account and Statement.
Was this answer helpful?
0
0
Top UP Board X Accountancy Questions
- What is the trial balance used for?
- Outstanding salary is
- When was Reserve Bank of India established?
- Who draws a bill of exchange?
- Which machine prints addresses on envelopes, wrappers, newspapers etc.?
View More Questions
Top UP Board X Accounting Questions
- What is the trial balance used for?
- Outstanding salary is
- What shall be the due date to issue invoice in case of supply of goods?
- What do you understand by contingent liabilities?
Below is given the Trial Balance of Shri Ghanashyam Das & Brothers in respect of the year ending 31st March, 2022. Prepare Trading and Profit & Loss Account for the year 2022 and his Balance Sheet as on that date:
Following adjustments are necessary:
View More Questions
Top UP Board X Questions
- Write a note on the following:
(i) Spore formation in Rhizopus
(ii) Seed germination - Describe the digestive system of human with diagram.
- Describe co-ordination in plants with examples.
- Write a note on the following:
(i) Gregor Johann Mendel
(ii) Reflex arc - The unit of power of a lens is
View More Questions