An alternative name for the statement of financial position is:
A) Financial performance statement
B) Financial balances statement
C) Income statement
D) Balance sheet

Question

Quizplus · Accepted Answer

The statement of financial position is also known as the balance sheet. This is because it presents a snapshot of the company's assets, liabilities, and equity at a particular point in time and demonstrates that the two sides of this statement always balance out. The other options, such as financial performance statement or income statement, refer to different financial statements that present information about a company's performance over a period of time.

An Alternative Name for the Statement of Financial Position Is