WAEC Accounting 2016 Objective — Question 49
Question 49 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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49. The financial statement which is an expression of the accounting equation is the A. Trading Account B. Profit and Loss Account C. Balance sheet D. Statement of cash flow
- A. Trading Account
- B. Profit and Loss Account
- C. Balance sheetCorrect
- D. Statement of cash flow
Explanation
Balance sheet shows the financial position of the organization by separating asset from capital and liability, just like the accounting equation.
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