MANAGEMENT

Detailed explanation-1: -The two types of personal financial statements are the personal cash flow statement and the personal balance sheet.

Detailed explanation-2: -Understanding the Personal Financial Statement A personal financial statement shows the individual’s net worth-their assets minus their liabilities-which reflects what that person has in cash if they sell all their assets and pay off all their debts.

Detailed explanation-3: -A personal financial statement is a spreadsheet that details the assets and liabilities of an individual, couple, or business at a specific point in time. Typically, the spreadsheet consists of two columns, with assets listed on the left and liabilities on the right.

Detailed explanation-4: -A personal financial statement is a snapshot of your personal financial position at a specific point in time. It lists your assets (what you own), your liabilities (what you owe), and your net worth.

Detailed explanation-5: -The Balance Sheet Also referred to as the statement of financial position, a company’s balance sheet provides information on what the company is worth from a book value perspective.