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Discuss if the following statements are True or False: a. The balance sheet is a financial statement that shows the financial position of an entity

Discuss if the following statements are True or False:
a. The balance sheet is a financial statement that shows the financial position of an entity as at a point in time.(1 mark, maximum 50 words)
b. All entities are legally obliged to prepare general purpose financial statements.(1 mark, maximum 50 words)
c. The measurement system used in accounting is historical cost.(1 mark, maximum 50 words)

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