Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 2 - No. 33)
What is the main purpose of a balance sheet?
To show the profitability of a company
To provide a snapshot of a company's assets, liabilities, and equity at a specific point in time
To show how cash moves in and out of the company
To analyze a company's sales and costs.
Explanation
The balance sheet provides a snapshot of financial position at a point in time.
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