Q: Which one of the following items is not found on a Balance Sheet?

Answer: B

Explanation:

The correct answer is:

B. Gross Profit ✅

👉 Explanation:

A Balance Sheet shows the financial position of a business at a point in time, with three main elements:
- Assets (Cash, Inventory, Property, etc.)
- Liabilities (Loans, Creditors, etc.)
- Equity/Capital
Gross Profit is not shown on the Balance Sheet.
- It appears in the Trading/Profit & Loss Account (Income Statement), as it measures the difference between Sales and Cost of Goods Sold (COGS).

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