What is an alternative name for the balance sheet?
A) Statement of financial performance
B) Statement of financial balances
C) Statement of financial situation
D) Statement of financial position

Question

Quizplus · Accepted Answer

The alternative name for the balance sheet is the statement of financial position. The statement shows the company's financial position at a specific point in time, including its assets, liabilities, and equity. The names "statement of financial balances" and "statement of financial performance" are not correct names for the balance sheet. The "statement of financial situation" is a close alternative, but the more commonly used term is "statement of financial position."

What Is an Alternative Name for the Balance Sheet