________ Is a Statement of a Firm's Financial Position on a Particular

question 6

Multiple Choice

________ is a statement of a firm's financial position on a particular date and is known as a statement of financial position.

• A) Cash flow statement
• B) Balance sheet
• C) Income statement
• D) Expense report
• E) Profit and loss statement

---

Definitions:

Personal Use

Personal use denotes utilizing an asset or service for one's own personal needs instead of for business or commercial activities.

Capital Contributions

Funds or resources provided by owners or shareholders to a company or partnership for its use in business operations, often to support growth or stabilize finances.

Capital Balance

The total amount of capital contributed by investors or owners plus retained earnings or minus losses.

Income Distribution

The way total income is shared among individuals or groups within an economy or organization.