Q702
Financial account was earlier called as
A.
capital account
AnswerB.
current account
C.
factor income
D.
liability account
Answer: Option A
Solution
Answer: Option A
Solution:
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.