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FAC1502-25-S1
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Indicate by choosing the correct option whether the following statement is true or false:
The statement of financial position reports on the assets, income and expenses as well as the liabilities of an entity for only one day.
An entity has the following balances: Capital: R7 680; Bank (Cr): R4 740, Current portion of long-term loan: R7 880; Drawings: R550.
The total assets of the entity according to the basic accounting equation is …NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)