Suppliers accounts are found in the …………………. ledger

Q: Suppliers accounts are found in the …………………. ledger

Suppliers accounts are found in the ...................... ledger general nominal private purchase ✓ Explanation A balance sheet shows financial position at a specific date. Assets = Liabilities + Capital (the accounting equation). It must always balance. Assets: what the business owns (cash, inventory, equipment, receivables). Liabilities: what it owes (loans, payables, accruals). Capital: owners stake (investment plus retained profits). Current assets are converted to cash within a year. Fixed assets are held long-term. Current liabilities are due within a year. The format shows liquidity and financial health.

Question

Answer 1

Suppliers accounts are found in the …………………. ledger

general
nominal
private
purchase ✓

Explanation

A balance sheet shows financial position at a specific date. Assets = Liabilities + Capital (the accounting equation). It must always balance.

Assets: what the business owns (cash, inventory, equipment, receivables). Liabilities: what it owes (loans, payables, accruals). Capital: owners stake (investment plus retained profits).

Current assets are converted to cash within a year. Fixed assets are held long-term. Current liabilities are due within a year. The format shows liquidity and financial health.