QUESTION 10

Generally Accepted Accounting Principles require that an organization prepare four (4) financial statements of the organization, along with a set of footnotes, although there exist many different names for each of these statements.

Which of the following pairs of financial statement names is not correct?

	A.	A Balance Sheet is the same as a Statement of Liquidity
	B.	An Income Statement is the same as a Profit and Loss Statement.
	C.	An Income Statement is the same as an Operating Statement.
	D.	A Balance Sheet is the same as a Statement of Financial Position