Asset, liability and equity items are summarised in the:
A) statement of profit or loss and other comprehensive income.
B) statement of financial performance.
C) statement of financial position.
D) statement of changes in equity.

Question

Quizplus · Accepted Answer

Asset, liability and equity items are summarised in the statement of financial position, also known as the balance sheet. The statement of profit or loss and other comprehensive income (A) shows revenues, expenses, gains, losses and other comprehensive income items. The statement of financial performance (B) does not exist in accounting terminology. The statement of changes in equity (D) shows the movements in equity during the reporting period.

Asset, Liability and Equity Items Are Summarised in The