What Is the Primary Purpose of the Statement of Financial

question 67

Multiple Choice

What is the primary purpose of the statement of financial position?

• A) To measure the profit of a business up to a particular point in time.
• B) To report the financial position of the reporting entity at a particular point in time.
• C) To report assets at their current market value at a particular point in time.
• D) To report the difference between cash inflows and cash outflows for the period.

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Definitions:

Operant Conditioning

A type of learning in which behavior is strengthened if followed by a reinforcer or diminished if followed by a punisher.

Observational Learning

Acquiring behaviors through the observation and replication of others' actions.

Respondent Behavior

Actions that occur as an automatic response to a particular stimulus, not under conscious control.

Spontaneous Recovery

The reappearance of a conditioned response after a pause or period of apparent extinction.