Accounting for IGCSE & O level - Final Statements (Section 8 - No. 14)
What is the primary purpose of the statement of financial position?
To show the profitability of a business over a period.
To show the financial position of a business at a specific point in time.
To show the cash inflows and outflows of a business.
To show the revenue and expenses of a business.
Explanation
The statement of financial position provides a snapshot of a company's assets, liabilities, and equity at a given date.
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