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The primary purpose of the statement of financial position is to reflect:

A. The fair value of the firm’s assets at some moment in time.

B. The status of the firm’s assets in case of forced liquidation of the firm.

C. The success of a company’s operations for a given amount of time.

D. Items of value, debt, and net worth.

Accounting Auditing Banking
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Date Posted: 2015/02/25
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Hossam Mohamed
by Hossam Mohamed , Senior Accountant , Allied Arab Assurance Brokerage

Answer (D) is correct. The balance sheet presents three major financial accounting elements: assets (items of value), liabilities (debts), and equity (net worth).

Kishore Srichand Hingwani
by Kishore Srichand Hingwani , VICE PRESIDENT FINANCE , Oway Group

A. The fair value of the firm’s assets at some moment in time.

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