Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 1 - No. 38)
What is the purpose of preparing a statement of financial position?
To show the cash flow for a given period.
To show the organization's assets, liabilities, and accumulated fund at a specific point in time.
To calculate the surplus or deficit for a given period.
To show the income and expenditure for a given period.
Explanation
The purpose is to display the financial position.
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