Is the following statement true or false?

Question

The primary objective of the statement of financial position is to reflect the financial results for a specific period

True

False

Answer 1

False

The primary objective of the statement of financial position, also known as the balance sheet, is to provide a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity. It does not reflect financial results for a specific period, which is typically done in the income statement.