The balance sheet is prepared to reveal
- The result of the operations for the period under review
-
The financial position of the business
- The arithmetical accuracy of the ledger accounts
- The accruals and payment
The correct answer is: B
Explanation
The purpose of the balance sheet is to reveal the financial status of a business as of a specific point in time. The statement shows what an entity owns (assets) and how much it owes (liabilities), as well as the amount invested in the business (equity).