Answer to Question #324311 in Economics for Bea

Question

Despite a better statement of financial position and a renaissance in the laboratories, IBM fell further behind every year. In Unix servers, the backbone of the internet, IBM’s sales rose 3% in 1998, but sales of their competitors soared, for example Sun Microsystems grew by 29%. Which one of the following best describes the statement of financial position?

Select one:

a.

Can be described as the accrued power of disposal over the products and services used by the business to generate a monetary return.

b.

Consists of primarily receipts resulting in the sale of the business’s products and/or services.

c.

Reflects all the possessions of the business as well as the nature and extent of the interests in these possessions.

d.

Furnishes details about the way the profit or loss for a particular period was arrived at and how it has been distributed.

Answer 1

c.

Reflects all the possessions of the business as well as the nature and extent of the interests in these possessions.