A statement of financial position is another name for
A) the income statement
B) the balance sheet
C) the statement of cash flows
D) the statement of changes in equity
E) the accounting equation

Question

Quizplus · Accepted Answer

The statement of financial position is another name for the balance sheet. It is one of the main financial statements that provides information about a company's assets, liabilities, and equity at a specific point in time. It is called the statement of financial position because it presents a snapshot of the financial standing of a company at a particular moment.

A Statement of Financial Position Is Another Name for