The statement of financial position presents the business firm's assets, liabilities, and owners' equity accounts at the end of an accounting period, such as on December 31, whereas the income statement summarizes operations during a specified accounting period.

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The statement of financial position, also known as the balance sheet, shows the financial position of a business at a specific point in time, while the income statement shows the results of its operations for a given period of time.

The Statement of Financial Position Presents the Business Firm's Assets