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Which one of the following sentences about the statement of financial position is true?
None of the others mentioned.
It quantifies the income produced by a business in a certain period of time and lists how this income has been earned.
It discloses information about the amount and the types of resources and obligations of the company at a specific time.
It shows the assets, liabilities and owner's equity. The asset section tell us where the company got the funds to invest in those resources that are sitting on the liability and owners' equity side of the balance sheet.
It provides information on cash flow reported in the following classification: operating activities, investing activity, and financing activities.
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