Which of the following is similar to the Statement of Net Position?

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BlackTom AI · Accepted Answer

When comparing financial statements, you want to match the name to what it reports. 
Option 1: Balance Sheet. A balance sheet is the statement that presents assets, liabilities, and, in many contexts, the net position or owners' equity, which aligns with the concept of the Statement of Net Position in many frameworks. This makes it the closest match in purpose and content to the Statement of Net Position.
Option 2: Statement of Cash Flows. This statement shows cash receipts and payments over a period, detailing operating, investing, and financing activities. It does not present the overall financial position at a point in time, so it is not similar in form to the Statement of Net Position.
Option 3: Income Statement. The income statement reports revenues and expenses to determine net income over a period. It focuses on performance rather than financial position at a point in time, making it unlike the Statement of Net Position.
In summary, the core distinction lies in the focus: the Balance Sheet mirrors the snapshot of financial position, whereas the other two statements emphasize cash movements or profitability over a period. This alignment in scope and structure explains why the Balance Sheet is the closest analogue to the Statement of Net Position.

SP25-BL-SPEA-V246-multisection Quiz-Proprietary Funds

Which of the following is similar to the Statement of Net Position?

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