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Examveda

Financial account was earlier called as

A. capital account

B. current account

C. factor income

D. liability account

Answer: Option A

Solution(By Examveda Team)

Financial account was earlier called as capital account. The capital account shows the net worth of a business at a specific point in time. It is also known as owner's equity for a sole proprietorship or shareholders' equity for a corporation, and it is reported in the bottom section of the balance sheet.

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