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Understanding Statement of financial position
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[QUOTE="Yusra3, post: 304724, member: 31907"] The statement of financial position is a document that summarizes a company's financial performance and condition. It provides information about the resources, liabilities, and owners' equity of the business. The statement of financial position is prepared by the company's management to help it assess its present operations, identify problems, and plan for future growth or decline. The statement includes information about assets, liabilities, and owners' equity. The balance sheet shows how much money the company has in its checking account at any given time. It also shows what loans the company has made out to others as well as how much cash it has on hand. The income statement shows revenues from sales of products or services during a certain period of time (usually one year). It also includes expenses incurred during this same period of time such as salaries paid out for employees working at different locations throughout North America (or wherever else) at any given time). [/QUOTE]
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