Another Name for the Balance Sheet Is the

question 6

Multiple Choice

Another name for the balance sheet is the

• A) Statement of cash flows
• B) Statement of earnings
• C) Statement of financial position
• D) Retained earnings statement

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Definitions:

Consolidated Income Statement

A consolidated income statement is a financial statement that aggregates the financial performance of a company and its subsidiaries.

Net Income

The amount of profit remaining in a company after all expenses, taxes, and costs have been subtracted from total revenue.

Accrual-Based Net Income

The net income of a company calculated based on accrual accounting, recognizing revenues when earned and expenses when incurred, regardless of cash flow.