Which Financial Statement Is Also Called the Statement of Financial

question 72

Multiple Choice

Which financial statement is also called the statement of financial position?

• A) The balance sheet
• B) The income statement
• C) The statement of cash flows
• D) The statement of shareholders' equity

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide how financial statements are prepared and presented globally.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States.

SEC

The Securities and Exchange Commission, a U.S. regulatory agency overseeing securities transactions, markets, and investment professionals to protect investors and maintain market integrity.

Financial Statement

Documents that provide an overview of a company's financial condition in both short and long term including balance sheet, income statement, and cash flow statement.