The balance sheet is sometimes also called the:
A) statement of financial position
B) statement of income and expense
C) statement of cash position
D) statement of operations

Question

Quizplus · Accepted Answer

The balance sheet is also known as the statement of financial position because it shows the financial position of a company at a specific point in time by reporting its assets, liabilities, and equity. It does not show income and expense transactions or cash flows, making options B and C incorrect. The statement of operations, also known as the income statement, reports a company's revenues and expenses over a period of time to show its profit or loss.

The Balance Sheet Is Sometimes Also Called The