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Why do balance sheet always have same total of Assets and
liabilities..??? pls ans dis...my id is
business.ankita@gmail.com
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Answer Posted / ameet
Dear Ankita, according to the double entry system of
accounting, every debit should have a equal credit,
otherwise it would not be called as 'Balance Sheet'. Hence,
all the incomes generated by the company/business have
expenses to run. Every year every business concern should
give it for audit, to confirm whether every recorded
transaction is true to the best of knowledge, and therein
the role of an auditor arises, where he has to check and
confirm that everything mentioned in the balance sheet has a
true and fair view.
| Is This Answer Correct ? | 6 Yes | 1 No |
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