A statement of affairs shows

Assessment: WAEC SSCE - Financial Accounting - 2017 (Objective) Subject: Financial Accounting

Question 1 Report

A statement of affairs shows 

Answer Details
A statement of affairs shows the financial position of a business at a particular point in time. It lists the assets and liabilities of the business, which helps in determining the net worth of the business. It is different from other financial statements like receipt and payments, revenue and expenditure, and profit or loss, as it only shows the financial position and does not provide any information on the cash flow, income or expenses of the business. A statement of affairs is useful for assessing the financial health of the business and for making informed decisions about its future.
Read lesson note on Nature And Significance Of Accounting (JAMB)
Read lesson note on Principles Of Double Entry (JAMB)
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