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    What Is The Statement of Financial Position?

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    KARISHMAATA2
    The document summarizes the statement of financial position, also known as the balance sheet. It reports an entity's assets, liabilities, and stockholders' equity/net assets as of the end of an accounting period. The statement of financial position structure follows the basic accounting equation, with assets equal to liabilities plus stockholders' equity for corporations and assets equal to liabilities plus net assets for nonprofits. It must adhere to accounting principles like cost, matching, and full disclosure for meaningful reporting, preferably under the accrual method of accounting.

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    What Is The Statement of Financial Position?

    Uploaded by

    KARISHMAATA2
    27 views1 page
    The document summarizes the statement of financial position, also known as the balance sheet. It reports an entity's assets, liabilities, and stockholders' equity/net assets as of the end of an accounting period. The statement of financial position structure follows the basic accounting equation, with assets equal to liabilities plus stockholders' equity for corporations and assets equal to liabilities plus net assets for nonprofits. It must adhere to accounting principles like cost, matching, and full disclosure for meaningful reporting, preferably under the accrual method of accounting.

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    The document summarizes the statement of financial position, also known as the balance sheet. It reports an entity's assets, liabilities, and stockholders' equity/net assets as of the end of an accounting period. The statement of financial position structure follows the basic accounting equation, with assets equal to liabilities plus stockholders' equity for corporations and assets equal to liabilities plus net assets for nonprofits. It must adhere to accounting principles like cost, matching, and full disclosure for meaningful reporting, preferably under the accrual method of accounting.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    27 views1 page

    What Is The Statement of Financial Position?

    Uploaded by

    KARISHMAATA2
    The document summarizes the statement of financial position, also known as the balance sheet. It reports an entity's assets, liabilities, and stockholders' equity/net assets as of the end of an accounting period. The statement of financial position structure follows the basic accounting equation, with assets equal to liabilities plus stockholders' equity for corporations and assets equal to liabilities plus net assets for nonprofits. It must adhere to accounting principles like cost, matching, and full disclosure for meaningful reporting, preferably under the accrual method of accounting.

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    What is the statement of financial position?


    The statement of financial position is another name for the balance sheet. It is one of the main financial statements and it reports an entity's assets, liabilities, and the difference in their totals. The amounts reported on the statement of financial position are the amounts as of the final moment of an accounting period. The structure of the statement of financial position is similar to the basic accounting equation. For instance, a corporation will report amounts in the following format: Assets = Liabilities + Stockholders' Equity. A nonprofit organization's format will be: Assets = Liabilities + Net Assets. The statement of financial position must reflect the basic accounting principles and guidelines such as the cost, matching, and full disclosure principles. Accordingly, the statement of financial position is more meaningful when it is prepared under the accrual method of accounting.

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