BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A statement of financial position is often formatted as a table with three columns. The first column lists the asset accounts, the second column lists liability or equity accounts and the final column contains totals for each section that are used to calculate net worth.

Detailed explanation-2: -The account format presents the asset accounts on the left side and the liabilities and equity accounts on the right. The report format presents all the accounts vertically. Although both balance sheet formats are acceptable, the report form is much more popular.

Detailed explanation-3: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation. It reports on an organization’s assets (what is owned) and liabilities (what is owed).