Accounting for IGCSE & O level - Final Statements (Section 13 - No. 15)
What is the role of a statement of financial position?
To measure and report the amount of profit earned by a business over a period.
To show the financial health of a business at a given point in time.
To provide information about a company's cash flows.
To report all revenues and expenses during a reporting period.
Explanation
The statement of financial position is a snapshot of a business's assets, liabilities, and equity at a specific point in time.
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