I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

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.  

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CHAPTER 1  

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  INTRODUCTION TO ACCOUNTING