A
Balance sheet
B
Profit & loss statement
C
Statement of affairs
D
Income Statement
A statement of assets and liabilities prepared under the single entry system is called statement of affairs.
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A
Balance sheet
B
Cash flow statement
C
Statement of affairs
D
Statement of financial operations
Statement of financial position produced from incomplete accounting record is commonly known as statement of affairs. Basically, this statement of affairs comprise of assets and liabilities. This gives the net book value as well as the amount that is expected to realize during the insolvency of the business.
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A
Revaluation
B
Realisation
C
Appropriation
D
Dissolution
Dissolution of partnership firm means that the firm closes down its business and comes to an end. A realization account is opened for disposing off all the assets of the firm and making payment of all the liabilities. It is a nominal account.
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