Another name for the statement of financial position is the
A) income statement.
B) statement of owners' equity.
C) earnings statement.
D) statement of changes.
E) balance sheet.

Question

Quizplus · Accepted Answer

The statement of financial position is another name for the balance sheet. The balance sheet shows the assets, liabilities, and equity of a company at a specific point in time. It is called a statement of financial position because it reflects the financial position of the company at that specific point in time. The other options such as income statement, statement of owners' equity, and earnings statement are different financial statements that show different aspects of a company's financial performance.

Another Name for the Statement of Financial Position Is the