Multiple Choice
What is the purpose of the statement of financial position?
A) to determine the cash inflows and outflows over a period of time.
B) to determine the profit earned over a period of time.
C) to list the assets of the business and the claims against the assets at a particular point of time.
D) all of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q19: In the accounting equation, claims on the
Q20: Which of the following is a non-current
Q21: Calculate the profit for the year if
Q22: Which of the following statements in relation
Q23: Which aspect of business performance does the
Q25: Which accounting convention has the effect that
Q26: Identify the current liability.<br>A)Wages owing.<br>B)Loan from B
Q27: Which of these is not an asset?<br>A)Accounts
Q28: Which of the following is a liability?<br>A)Drawings.<br>B)Prepaid
Q29: A limitation of the statement of financial