Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 11 - No. 26)
Which of the following statements are correct regarding the statement of financial position? (Select all that apply)
It shows the company's financial position at a specific point in time.
It presents the assets, liabilities, and equity of a company.
It reports the company's financial performance over a period.
It provides information about cash inflows and outflows.
Explanation
The statement of financial position, also known as the balance sheet, is a snapshot of a company's assets, liabilities, and equity at a specific point in time.
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