Question

An organized collection of information of data prepared as per certain acceptable accounting norms and procedures is called:

• A. Balance sheet
• B. Financial statement
• C. Profit and lose account
• D. Annual accounts

Answer 1

Answer:

B. Financial statement

A financial statement is an organized collection of financial information prepared according to accepted accounting norms and procedures. It is a broad term that includes statements like the balance sheet and profit and loss account.