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WAEC Financial Accounting 2017 Question 32

Question 32

Incomplete Records

A statement of affairs shows

  1. A.receipts and payments.
  2. B.revenue and expenditure.
  3. C.financial position.
  4. D.profit or loss.
Show the answer and explanation

Answer: C (financial position.)

Explanation

A statement of affairs lists assets and liabilities at a date to find capital, so it shows the financial position.