Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 30)
What is the primary purpose of the balance sheet?
To show a company's revenues and expenses.
To present a company's assets, liabilities, and equity at a specific point in time.
To display a company's cash inflows and outflows.
To report a company's profits over a period.
Explanation
The balance sheet presents a company's financial position (assets, liabilities, and equity) at a specific point in time.
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