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Identify the correct statement(s) regarding the Statement of Financial Position.
1. A statement of financial position traces the cash flows through a company over a defined period of time.
2. A statement of financial position shows what a company owns and owes as of a certain date.
3. A statement of financial position must always balance, or there is a mistake.
4. A statement of financila position is divided into two parts, assets and liabilities.
a. 1 only.
b. 3 only.
c. 2 and 3 only.
d. 2 and 4 only.
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