The balance sheet is also known as:
A) the statement of cash flows.
B) the statement of comprehensive income.
C) the statement of financial position.
D) the income statement.

Question

Quizplus · Accepted Answer

The balance sheet is also known as the statement of financial position, as it provides information about an organization's financial position at a specific point in time. Option A is incorrect because the statement of cash flows provides information about an organization's cash inflows and outflows during a specified period. Option B is incorrect because the statement of comprehensive income shows an organization's revenues, expenses, gains, and losses during a specific period. Option D is incorrect because the income statement provides information about an organization's profitability during a specific period.

The Balance Sheet Is Also Known As