Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 38)

What type of account is used to track the financial position of a club or society at a specific point in time?

Receipts and Payments Account

Income and Expenditure Account

Statement of Financial Position

Subscription Account

Explanation

The Statement of Financial Position (also known as the balance sheet) shows assets, liabilities, and the accumulated fund or capital at a specific date.

Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 38)

Explanation

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