Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 2 - No. 38)
What is the primary purpose of the statement of financial position?
To summarize the company's revenues and expenses.
To give a snapshot of a company's assets, liabilities, and equity.
To track the movement of cash in and out of the company.
To calculate a company's tax obligations.
Explanation
The statement of financial position shows a company's assets, liabilities, and equity at a given moment.
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