The ______ Is Also Called the Statement of Financial Position

question 45

Multiple Choice

The ______ is also called the Statement of Financial Position.

• A) cash flow statement
• B) income statement
• C) balance sheet
• D) statement of retained earnings

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Definitions:

Operating Activity

Financial activities directly related to the core business operations, including cash flows from selling goods and services.

Statement of Cash Flows

This financial document summarizes the cash and cash equivalents entering and leaving a company, highlighting cash flows from operating, investing, and financing activities.

Investing Activity

Financial actions related to the purchase and sale of long-term assets and other investments not considered cash equivalents.

Generally Accepted Accounting Principles

A standard framework of guidelines for financial accounting used in any given jurisdiction, typically known as GAAP.