SSC MCQ Question Ans. Financial Statement

SSC MCQ Question Ans. Financial Statement. Every business organization needs to know the exact financial position at the end of a definite period. There are two aspects of financial condition- (i) ascertainment of profit or loss of the business and (ii) value of different assets and liabilities-debt of business. The statement which is prepared to ascertain the profit and loss of the business is known as the Statement of Comprehensive Income (it was previously known as Income Statement) and the Statement prepared to ascertain the assets, liabilities-debts is called the statement of Financial Position. It was previously known as the Balance Sheet. Statement of  Comprehensive Income and the Statement of Financial Position are known as the financial statement. Only the preparation of the financial statement is not sufficient, interpretation of financial statements are also needed to fulfill the decision-making process.

SSC MCQ Question Ans. Financial Statement

To know the financial position of a business at the end of the year the Statement of Financial Position is prepared with all assets and liabilities and capital. One can know the amount of fixed or current assets, long or short term liabilities and capital of the business from the Statement of Financial Position.

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