The statement of financial position records:
A) Cash flows for the period
B) Only cash flows relating to assets
C) Sales revenue for the period
D) Assets and liabilities
E) None of the above

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, records the assets (what the company owns) and liabilities (what the company owes) at a specific point in time. It does not record cash flows for the period or sales revenue for the period.

The Statement of Financial Position Records