Which financial statement reports the financial position of a business?

Question

Quizplus · Accepted Answer

The statement of financial position (also known as the balance sheet) reports the financial position of a business at a specific point in time, showing its assets, liabilities, and owner's equity. The income statement reports the financial performance of a business over a period of time, the statement of cash flows reports the inflows and outflows of cash during a period of time, and footnotes provide additional information and details about the financial statements.

Which Financial Statement Reports the Financial Position of a Business