John wants to know how much his company owns and how much it owes.He should look at the:
A)statement of financial position.
B)statement of profit and loss and other comprehensive income.
C)statement of cash flow.
D)asset list.

Question

Quizplus · Accepted Answer

The statement of financial position (also known as the balance sheet) shows a company's assets (what it owns) and liabilities (what it owes) at a specific point in time. This provides John with the information he is looking for. The other statements listed provide different types of financial information (income and cash flow) but do not specifically show a company's assets and liabilities.

John Wants to Know How Much His Company Owns and How