Accounting for IGCSE & O level - Final Statements (Section 7 - No. 11)
What is the function of a statement of financial position?
To report a company's financial performance over a period of time.
To show the financial position of a company at a specific point in time.
To show the cash flows of a company over a period of time.
To report the sales revenue for the year.
Explanation
The statement of financial position presents a snapshot of a company's assets, liabilities, and equity at a specific point in time.
Comments (0)
