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Consider the following statements:
Statement (A): Balance sheet shows liquidity position of a business on a particular date.
Reason (R): Balance sheet is prepared on basis of actual transactions which are recorded in the books of accounts.
Give the correct answer:

Consider the following statements:
Statement (A): Balance sheet shows liquidity position of a business on a particular date.
Reason (R): Balance sheet is prepared on basis of actual transactions which are recorded in the books of accounts.
Give the correct answer: Correct Answer A and R both are correct and R is correct explanation of A

Related Questions

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Read the following passage and select the most appropriate answer : Nine books are to be arranged form the left to right on a shelf . Of these , four books are leather -bounds , three are cloth -bounds and remaining books are paperbacks. The leather bound books must be together . The paperback books must also be together. The clothbound books need not to be together . The cloth-bound books must be next to each other , if a paperback book is in which of the following position ?
Which of the following is not an agreement in restraint of trade?
1. A sells the goodwill of his business with an agreement not to carry on a similar business within specified local limits, so long as the buyer carries on a similar business.
2. A sells the goodwill of his business with an agreement not to carry on a similar business within India, so long as the buyer carries on a similar business.
3. A sells the goodwill of his business with an agreement not to practice the same trade for 25 years.
4. A sells the goodwill of his business with an agreement not to engage in any business competing or liable to compete in any way with the business for the time being carried on by the buyer.
Identify the true statement of the following.
1. Balance sheet is always prepared from the point of view of the business, but not from, that of the owners.
2. The financial relationship of the business to its owners is shown in the balance sheet.
3. Balance sheet is always related to a period of time.
Indicate the correct code of the following statements being correct or incorrect. The statements relate to the type of transactions recorded in the current/capital accounts of the Balance of Payments. Statement (I) : The capital account consists of long-term capital transactions only. Statement (II) : The current account includes all transactions which give rise to or use up national income.