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Statement of financial position is prepared to calculate the profit for the year of the business. True False

Statement of financial position is prepared to calculate the profit for the year of the business. True False
asked 12.4k views
1 vote
Statement of financial position is prepared to calculate the profit for the year of the business.

True
False

asked
User Jocelyne
by
7.5k points

1 Answer

9 votes
False because in statement financial position it lists the spectrum of financial affairs the company is in rather than a P&L.
answered
User Geniuscarrier
by
8.1k points
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