Question : ________ is a record of assets and liabilities of any firm.
Option 1: Bill file
Option 2: Balance of payment
Option 3: Balance sheet
Option 4: Bank bailout
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Correct Answer: Balance sheet
Solution : The correct answer is the Balance sheet .
A balance sheet is a type of financial statement that shows an organisation's assets, liabilities and shareholders' equity as of a specific date. The assets appear on the side of the balance sheet that is opposite of the liabilities.
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