Question

Why is the phrase “as of” or “as at” used in the preparation of Statement of Financial Position?​

Answer 1

A balance sheet is also called a 'statement of financial position' because it provides a snapshot of your assets and liabilities — and therefore net worth — at a single point in time (unlike other financial statements, such as profit and loss reports, which give you information about your business over a period of time

Answer 2

Why is the phrase “as of” or “as at” used in the preparation of Statement of Financial Position?

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