The statement of financial position is a financial statement measuring the flow of funds into and out of various accounts over time while the statement of comprehensive income measures the progress of the firm at a point in time.

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The statement of financial position (also known as the balance sheet) shows the financial position of a company at a specific point in time, while the statement of comprehensive income (also known as the income statement) shows the financial performance of a company over a specific period of time.

The Statement of Financial Position Is a Financial Statement Measuring