How do the Statement of Financial Position and the Income Statement Relate

Wednesday August 3, 2022

How do the Statement of Financial Position and the Income Statement relate? a) Both financial statements are not related. b) The profit after taxes is translated to the equity section of the Statement of Financial Position at the accounting year end. c) The profit after taxes is translated to the equity section of the Income Statement. d) None of the answers is true. Question 9. A company selling goods always has higher cash: a) True. The main goal of companies is to increase cash by selling goods or providing services. b) True. Selling goods always relate with higher cash for the current accounting period. c) False. It would depend on whether the company is selling on cash or on credit. d) False. The company would have trade payables when selling on credit.


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