________ is a record of assets and liabilities of any firm.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. Balance sheet.
Balance Sheet is a record of assets and liabilities of any firm. It provides a snapshot of a company's financial position at a specific point in time, detailing what the company owns (assets) and what it owes (liabilities). The balance sheet also includes shareholders' equity, which represents the residual interest in the assets after deducting liabilities. This financial statement is crucial for assessing a firm's financial health, stability, and operational efficiency.