What is another name for the statement of financial position?
A) income statement
B) statement of owners' equity
C) earnings statement
D) balance sheet

Question

Quizplus · Accepted Answer

The statement of financial position is also known as the balance sheet. Choices A, B, and C are incorrect as they refer to different financial statements. The income statement is a financial statement that shows a company's revenue and expenses over a certain time period. The statement of owners' equity shows changes in the owner's equity section of the balance sheet. The earnings statement is not a commonly used term in accounting.

What Is Another Name for the Statement of Financial Position