A formal statement of the changes in owner's equity during an accounting period is called a statement of financial position.

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A statement of changes in owner's equity (or statement of retained earnings) is a formal statement that reports changes in owner's equity for a specific period of time. A statement of financial position is also known as a balance sheet and reports the financial position of a business at a specific point in time, including assets, liabilities, and owner's equity.

A Formal Statement of the Changes in Owner's Equity During