Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 33)
In a partnership, what is the primary function of the balance sheet?
To detail a company's revenues and expenses over a period.
To show the company's assets, liabilities, and equity at a specific point in time.
To summarize the cash inflows and outflows for a period.
To report the changes in partners' capital accounts.
Explanation
The balance sheet provides a snapshot of a company's financial position.
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