Which of the following statements is not correct about the statement of financial position?

Question

Which of the following statements is  not correct  about the statement of financial position?

Accepted Answer

It shows the activities of a company that produce profit or loss at a point in time.

Answer

It portrays a company's resources and the claims on the resources at a point in time.

Answer

It presents the book value of the net wealth of shareholders.

Answer

It reports the financial position of a company at a point in time.

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