A balance sheet is sometimes referred to as ________.
A) a statement of financial position
B) an income statement
C) a profit and loss statement
D) the bottom line

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that reports an organization's financial position at a given point in time. It shows the assets, liabilities, and equity of the organization. It is also known as a statement of financial position because it provides information on the financial position of an organization. The other options (B, C, and D) are all different types of financial statements used to report an organization's financial performance and results, but they are not the same as the balance sheet.

A Balance Sheet Is Sometimes Referred to as ________