Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 5 - No. 46)
What is the main purpose of the statement of financial position?
To show the cash flow of the organization.
To show the financial position of the organization at a point in time.
To determine the profit or loss for the period.
To show the income and expenses for the period.
Explanation
The statement of financial position shows the financial position at a point in time.
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