Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 42 - No. 29)
What are the main components of the financial position of an entity?
Revenue, expenses, and net profit.
Assets, liabilities, and equity.
Income, costs, and cash flow.
Sales, purchases, and inventory.
Explanation
The financial position is composed of assets, liabilities, and equity, as demonstrated by the accounting equation.
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