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.