Statement of Financial Position Flashcards
1
Q
what is a Statement of financial Position?
A
It is used to report the assets, liabilities, and equity of a business on a given date – a summary, or snapshot, of its overall value at a certain point in time
2
Q
what is the T style ( balance sheet) format?
A
A = L + OE
3
Q
what is the Narrative style format?
A
A-L = OE narrative style
