Which term is also known as Statement of Net Worth?

The term "Statement of Net Worth" is indeed synonymous with "Statement of Owner's Equity." This document provides an overview of an individual's financial position at a specific point in time, summarizing assets, liabilities, and the resulting equity that reflects the net worth. It offers insight into the financial health of an individual or organization, illustrating how owner contributions and retained earnings contribute to the overall net worth.

"Statement of Owner's Equity" specifically details changes in equity from one period to the next, including contributions from the owner, withdrawals, and net income or losses. This creates a clear picture of how the ownership interest has changed, which is essential for understanding both personal and business financial status.

In contrast, terms like "Statement of Goods and Services," "Worden's tasks of grief," and "Temporary accounts" do not pertain to financial assessments of net worth and are thus irrelevant in this context. The former relates to inventory or offerings, the latter is associated with grief counseling, and temporary accounts are financial metrics that reset over accounting periods. Hence, the alignment of "Statement of Net Worth" with "Statement of Owner's Equity" establishes the correct association.