Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 6 - No. 29)
What is the role of a balance sheet?
To show the company's revenue and expenses.
To summarize the cash flow of a company.
To present a company's assets, liabilities, and equity at a specific point in time.
To detail the distribution of profits to partners.
Explanation
The balance sheet (statement of financial position) shows a company's assets, liabilities, and equity.
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