BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-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.

Detailed explanation-2: -There are several key elements on a statement of financial position. These include assets, liabilities, working capital (net current assets), and capital employed. In broad terms, assets are things that a business owns, whilst liabilities are things or money that a business owes.

Detailed explanation-3: -Balance Sheet Basics Your balance sheet (sometimes called a statement of financial position) provides a snapshot of your practice’s financial status at a particular point in time. This financial statement details your assets, liabilities and equity, as of a particular date.

Detailed explanation-4: -But if you’re looking for investors for your business, or want to apply for credit, you’ll find that four types of financial statements-the balance sheet, the income statement, the cash flow statement, and the statement of owner’s equity-can be crucial in helping you meet your financing goals.