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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Balance sheet
good day. which amounts do I use to draw up the balance sheet if I am given opening balances and closing balances in the question?
Assuming that you are required to produce a Statement of Financial Position at the end of the period, then you use closing balances at the end of the period.
(We stopped using the term ‘Balance Sheet’ many years ago – it is called the Statement of Financial Position. Also, you cannot be asked to produce a full SOFP in the exam – only extracts from it.)
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