The balance sheet is also called the statement of financial position because it shows the financial position of the business on a particular date.

Name: The balance sheet is also called the statement of financial position because it shows the financial position of the business on a particular date.
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The balance sheet summarizes the assets, liabilities, and equity of a business at a specific moment in time, which is why it is sometimes referred to as the statement of financial position.

The Balance Sheet Is Also Called the Statement of Financial