Accounting MCQ Questions and Solutions with Explanations | Commerce

Answer: Option C

Purchases + opening stock - closing stock = Cost of goods sold.

Answer: Option A

Balance sheet financial statements shows the financial position of a business at a specific date. The balance sheet, sometimes called the statement of financial position, lists the company's assets, liabilities,and stockholders ' equity (including dollar amounts) as of a specific moment in time. That specific moment is the close of business on the date of the balance sheet.