1.

Give any three differences between Balance Sheet and Statements of Affairs.

Answer»

Following are the three differences between Balance Sheet and Statement of  Affairs.

BasisBalance SheetStatement of Affairs
ObjectIt is prepared for ascertaining the financial position of a businessIt is prepared for ascertaining the capital of a business
Value of assets and liabilitiesActual values based on ledger accounts Values are based on estimates
Arithmetical accuracyIt is accurateIt is not always accurate



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