Which of the following best describes the primary purpose of the Statement of Financial Position?

Test yourself: pick an answer

• A)To show the total revenue and expenses generated over a specific accounting period.
• B)To detail the cash inflows and outflows during the financial year.
• C)To present the financial position of the entity by listing its assets, liabilities, and equity at a specific point in time.
• D)To show the changes in the owner's capital account over the year.