For any business, both the _______ and ________ are needed to determine a business's financial position.
A)statement of profit and loss and other comprehensive income; statement of financial position
B)statement of profit and loss and other comprehensive income; statement of cash flows
C)statement of financial position; line of credit
D)statement of cash flows; statement of financial position

Question

Quizplus · Accepted Answer

The statement of profit and loss and other comprehensive income shows the company's performance over a period, while the statement of financial position provides a snapshot of the company's financial standing at a specific point in time. Both are essential for assessing a business's financial position.

For Any Business, Both the _______ and ________ Are Needed

For Any Business, Both the _ and __ Are Needed