What is another name commonly used for the balance sheet?
A)Profit and loss statement
B)Statement of financial performance
C)Statement of financial position
D)Statement of change in owners' equity

Question

Quizplus · Accepted Answer

The balance sheet is also commonly referred to as the statement of financial position. This statement provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity. A and B refer to the income statement, while D refers to the statement of changes in owners' equity.

What Is Another Name Commonly Used for the Balance Sheet