Accounting · Balance Sheet
Which of the following statements is incorrect with respect to the balance sheet?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is accepted by the court as documentary evidence.
- 2All types of accounts - real, personal, and nominal - are included in it.✓
- 3It cannot be prepared without making adjustments for outstanding and prepaid expenses.
- 4It is prepared to find out the actual financial position of the firm.
Correct answer
All types of accounts - real, personal, and nominal - are included in it.
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