Which of the following statements is correct? I . The Statement of Profit or Loss and Other Comprehensive Income shows the assets and liabilities of a firm during an accounting period, II. The Statement of Financial Position shows the revenues and expenses of a firm during an accounting period, III. The trial balance acts as a test of equality of the debit and credit balance in the ledger, IV. The Statement of Financial Position shows the assets, liabilities and owners’ equity of a business on a given date.

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A:

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Q: What requirement is imposed by the double-entry system in the recording of any business transaction?

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