Asked by Brandon Byrne on Apr 27, 2024
Verified
A(n) _____ is also known as a statement of financial position.
A) liabilities statement
B) balance sheet
C) equity form
D) income statement
Balance Sheet
Also known as a “statement of financial position”; reveals a company’s assets, liabilities and owner’s equity (net worth).
Financial Position
Refers to the status of an entity's assets, liabilities, and equity at a specific point in time, providing insight into its economic situation.
- Gain an understanding of the jargon and interpretations used in accounting, with an emphasis on areas such as accounts payable, accounts receivable, and the financial oversight of general office operations.
Verified Answer
HS
Harjinder singghApr 30, 2024
Final Answer :
B
Explanation :
A balance sheet is known as a statement of financial position because it provides a snapshot of what a company owns and owes at a specific point in time.
Learning Objectives
- Gain an understanding of the jargon and interpretations used in accounting, with an emphasis on areas such as accounts payable, accounts receivable, and the financial oversight of general office operations.