Home › Bihar Board Class 12 (Commerce) › Accountancy › Accounts from Incomplete Records › A statement of affairs is not a balance sheet be…
A statement of affairs is not a balance sheet because its figures:
AAre in another currency
BCome from the ledger only
CExclude all liabilities
DAre partly estimated
Answer & Solution
Correct answer: D. Are partly estimated
Many assets and liabilities are taken from physical inspection and estimates, so the statement is less reliable.
Related questions
Under single entry, information is mostly collected from the:Under single entry, some transactions are even:The Kohler definition describes single entry as always being:Under the statement of affairs method, closing stock is found from:A single-entry system is not self-balancing, so arithmetic errors are:Single-entry systems are popular with small businesses because of their:Bills payable of Rs 3,000 were pending; Rs 9,000 more were accepted and Rs 2,000 remain. PA firm held Rs 5,000 of bills receivable, got Rs 12,000 more and holds Rs 4,000 at year en