A Statement of Financial Position(SOFP) shows an entitys financial position as the end of its financial period. It includes balances of capital, liabilities and assets of a business. Among these balances are non current assets and non current liabilities. Describe SOFP and these 2(TWO) terms. Your explanation should include the meaning of these two terms and examples.

(12 marks)

b) Define the meaning and describe TWO (2) advantages of preparing bank reconciliation statement.

(5 marks)

c) Identify the FOUR (4) separate similarities and differences between the bank statement and cash book. (Provide your answer with examples) (8 marks)