The statement of financial position is another term for which financial statement?
A) Income Statement
B) Statement of Owner's Equity
C) Balance Sheet
D) Trial Balance

Question

Quizplus · Accepted Answer

The statement of financial position is another term for the balance sheet, which shows a company's assets, liabilities, and equity at a point in time. The income statement shows a company's revenue and expenses over a period of time, the statement of owner's equity shows changes in the owner's equity account over a period of time, and the trial balance is a tool used to check the accuracy of accounting records.

The Statement of Financial Position Is Another Term for Which