Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 31 - No. 42)
What is the purpose of the balance sheet?
To summarize a company's financial performance over a period of time.
To report a company's assets, liabilities, and equity at a specific point in time.
To track the cash inflows and outflows of a business.
To show the changes in a company's retained earnings.
Explanation
The balance sheet presents a snapshot of a company's financial position at a given point in time.
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