Which one of the following statements is not correct?
A) The statement of financial position does not show all the assets and all the liabilities of an organization.
B) The statement of financial position shows the market value of an organization
C) The statement of financial position shows the resources and commitments of an organization in money terms at the end of each accounting period.
D) The statement of financial position shows the financial situation of an organization at the end of each accounting period.

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, does not show the market value of an organization; it shows the book value of assets, liabilities, and equity at a specific point in time.

Which One of the Following Statements Is Not Correct