The balance sheet is referred to as the statement of financial position and is prepared at the beginning of an accounting period.

Name: The balance sheet is referred to as the statement of financial position and is prepared at the beginning of an accounting period.
Brand: Quizplus
Rating: 4.8 (47 reviews)

Question

Quizplus · Accepted Answer

The balance sheet, or statement of financial position, is prepared at the end of an accounting period, not the beginning, to show the financial position of a business at a specific point in time.

The Balance Sheet Is Referred to as the Statement of Financial