Il is important to note that the statement of financial position shows the position of the business at one point in time:
the statement of financial position date, i.e. as at 31 December 2013. It is like taking a snapshot of the business at one
moment in time. On the other hand the income statement shows the profit/loss of that business for a period of time
(normally a year), i.e. 'for the year ended 31 December 2013.