A statement of financial position is also known as a:
A)statement of changes in equity
B)statement of assets and liabilities
C)balance sheet
D)none of the above

Question

Quizplus · Accepted Answer

A statement of financial position is also known as a balance sheet, which shows the assets, liabilities, and equity of an organization at a specific point in time. A statement of changes in equity shows the changes in equity over a period of time, and a statement of assets and liabilities is not a commonly used term.

A Statement of Financial Position Is Also Known as A