Accounting Information Flashcards
(3 cards)
1
Q
What does financial information indicate?
A
It indicates the state of affairs at a specific point in time.
Shown in the Statement of Financial Position (SFP).
2
Q
What does financial position indicate?
A
It indicates the financial performance in terms of the Profit and Loss (P&L) for a specific period.
3
Q
What is a financial period?
A
It is the period between the measurement of one financial position and the next.
