ITPEC FE Morning April 2022 Question 79
ITPEC FE Morning April 2022 — Question 79 of 80
The question asks which statement shows assets, liabilities, and net assets at a certain point in time — this is the defining characteristic of a Balance Sheet.
Why not others:
- (b) Statement of cash flows reports cash inflows and outflows over a period, not a snapshot.
- (c) Statement of changes in equity tracks how equity changed over a period.
- (d) Statement of profit or loss (income statement) shows revenues and expenses over a period.
Key rule: Balance sheet = snapshot at a moment in time; all other statements = changes over a period.
AI-generated — may contain errors
The original exam layout is preserved in the image so diagrams, formulas, tables, and code remain accurate.
This question comes from an official ITPEC past paper. ITPEC Practice is an independent study tool and is not affiliated with ITPEC. See the official FE past-paper collection or Report an issue.