Question

A statement showing financial position of a business is called

Answer 1

The statement of financial position, often called the balance sheet, is a financial statement that reports the assets, liabilities, and equity of a company on a given date. In other words, it lists the resources, obligations, and ownership details of a company on a specific day.

Answer 2

Balance Sheet.

• A balance sheet, also known as a statement of financial status, lists all of your company's assets (what it owns) and liabilities (what it owes) (what your business owes).
• It determines how much money you'd have leftover if you sold all of your assets and paid off all of your favors at any given period. Another phrase for this is owner's equity.

• The following are the three divisions of a balance sheet:

Owner's Equity = Assets - Liabilities

• It's called a balance sheet because each side of this equation must 'balance' out at any given time.