Skip to content

ACCA Applied Knowledge · Business and Technology · Financial information provided by business

Which of the following is a primary financial statement that shows an entity's assets, liabilities and equity at a specific date?

The statement of financial position shows an entity's assets, liabilities and equity at a specific date. The other statements, profit or loss and cash flows, report performance or cash movements over a period rather than the position at a single point in time.

  1. AStatement of financial positionCorrect
  2. BStatement of cash flows
  3. CStatement of profit or loss and other comprehensive income

Explanation

The statement of financial position (balance sheet) reports assets, liabilities and equity at a point in time. The statement of cash flows and the statement of profit or loss cover a period of time.

Did you get it right without looking?

One question tells you little. A timed set on Financial information provided by business shows your real accuracy, how long you take and where you lose marks.

Practise Financial information provided by businessFree diagnostic mock

More Financial information provided by business questions