ITPEC FE Subject A October 2025 Question 59
ITPEC FE Subject A October 2025 — Question 59 of 60
The key phrase is "at a certain point in time" — this describes a snapshot, not a period.
- •Balance sheet = Assets, Liabilities, Net Assets at one moment
- •Formula:
Assets = Liabilities + Net Assets (Equity)
Why not others:
- (b) Income statement — shows revenues and expenses over a period
- (c) Statement of Cash Flows — tracks cash movement over a period
- (d) Statement of Changes in Equity — shows equity changes over a period
Key rule: Balance sheet is the only financial statement that represents a point in time, not a time 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.