Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 1)
Which of the following describes the purpose of the Statement of Financial Position?
To show income and expenditure for the year.
To show the profit or loss for the year.
To show the assets, liabilities and net worth of a club.
To provide details of cash inflows and outflows.
Explanation
The statement of financial position shows assets and liabilities, thus providing the net worth of the organization.
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