The statement of financial position is also called the ________.
A) income statement
B) statement of cash flows
C) statement of retained earnings
D) balance sheet

Question

Quizplus · Accepted Answer

The statement of financial position is also known as the balance sheet. This financial statement shows the assets, liabilities, and equity of a company at a specific point in time. It is different from the income statement and the statement of cash flows, which show a company's financial performance over a period of time. The statement of retained earnings shows changes in a company's retained earnings balance, which is a component of equity on the balance sheet.

The Statement of Financial Position Is Also Called the ________