In recent years, the more common format of layout for the statement of financial position is:
A)horizontal format.
B)parallel format.
C)'T' format.
D)vertical or narrative format.

Question

Quizplus · Accepted Answer

The statement of financial position is typically presented in either the vertical or narrative format. The vertical format lists the assets, liabilities, and equity in a single column, while the narrative format provides information about each category of assets, liabilities, and equity in a descriptive paragraph format. The other options (horizontal, parallel, and T format) are not commonly used for the statement of financial position.

In Recent Years, the More Common Format of Layout for the Statement