Question

Financial Statement is:

• A. Anticipated fact
• B. Recorded fact
• C. Estimated fact
• D. None of these

Hint:

Financial statements represent historical recorded facts, not predictions or estimates.

Answer 1

The Correct Option is B

Step 1: Nature of financial statements.
Financial statements (like Balance Sheet, Profit & Loss A/c) are based on books of accounts, which record past business transactions.
Step 2: Clarify difference.
- Anticipated fact: Refers to forecasts, not FS.
- Estimated fact: Only certain provisions involve estimates, but overall FS is historical.
- Recorded fact: FS is based on systematically recorded transactions.
Step 3: Conclude.
Hence, financial statement is a Recorded Fact.
Final Answer: \[ \boxed{\text{Recorded fact}} \]