In the heading for a statement of financial position made up to 31 December 2020 the date must be stated as:
A) As at 31 December 2020
B) For the year ended 31 December 2020
C) For the reporting period ended 31 December 2020
D) 31 December 2020

Question

Quizplus · Accepted Answer

The heading for a statement of financial position should include the date as at which the financial position is being presented, which in this case is 31 December 2020. Therefore, option A is the correct choice. Option B refers to the income statement, not the statement of financial position. Option C is too wordy and not necessary. Option D is missing the phrase "as at" before the date.

In the Heading for a Statement of Financial Position Made