1. **Stating the problem:** Identify which fact about the statement of financial position is NOT true. 2. **Explanation:** The statement of financial position (also called the balance sheet) shows a company's assets, liabilities, and equity at a specific point in time. 3. **Review of each fact:** - Fact 1: "It is unnecessary to make any estimates or judgements when preparing a statement of financial position." This is false because preparing financial statements often requires estimates and judgements (e.g., asset valuation, depreciation). - Fact 2: "The statement of financial position reveals how a business is funded." This is true because it shows liabilities and equity, which represent funding sources. - Fact 3: "Intangible assets are often missing from the statement of financial position." This can be true if intangible assets are internally generated and not recognized, but generally intangible assets are included if they meet recognition criteria. - Fact 4: "The statement of financial position separately identifies long-term and short-term assets and liabilities." This is true as classification helps users understand liquidity and obligations. 4. **Conclusion:** The statement that is NOT true is Fact 1. **Final answer:** Fact 1 is not true.