of profit or loss and other comprehensive income and a statement of cash flows (which will be dealt
with in detail in Chapters 20 and 22 respectively).
QUESTION
Accounting information
The financial statements of a limited liability company will consist solely of the statement of financial
position and statement of profit or loss.
Is this statement true or false?
A True
B False
ANSWER
The correct answer is B, false. As noted above, other statements, such as a statement of cash flows, are
usually needed.
One of the competences you require to fulfil performance objective P05 Leadership and management
of the PER is the ability to manage time and tasks effectively to meet business needs and professional
commitments, and be capable of working under pressure. In the course of your FFA/FA studies, you
will be demonstrating this competence.
BPP Tutor Toolkit Copy
CHAPTER 1
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INTRODUCTION TO ACCOUNTING
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