You are doing an internship with a small business in Canterbury, which deals in designer shoes for teenagers. As part of your duties, you liaise with the Owner of the business who has no knowledge of accounting.

The owner of the business is confused as to why assets and liabilities are presented separately in the statement of financial position and has asked you to explain to him the reasons why.

Answer rating: 100% (QA)

SOLUTION Assets and liabilities are presented separately in the statement of financial position be... View the full answer