Not-for-profit organizations and many privately owned ones will often use which of the following terms instead of statement of financial position?

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Not-for-profit organizations and privately owned ones typically use the term "balance sheet" instead of "statement of financial position" to describe their financial position at a given point in time. This term is widely recognized and understood by stakeholders, including investors, creditors, and regulators. The other options, trial balance, income statement, and net worth statement, are all financial statements that provide different types of information about an organization's financial performance or position but are not used interchangeably with the statement of financial position.

Not-For-Profit Organizations and Many Privately Owned Ones Will Often Use