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WAEC Accounting 2012 Objective — Question 7

Question 7 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.

A Balance Sheet shows only

A. fixed assets and current liabilities
B. assets and long term liabilities
C. assets and liabilitiesCorrect
D. assets and capital

Explanation

A balance sheet shows assets and claims (liabilities and capital) against assets.

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