The statement of affairs prepared from incomplete records can be described as?

A statement of affairs prepared from incomplete records is a balance sheet at a particular date showing the assets and liabilities of the business. It is called a "statement of affairs" because it lists the financial position of the business as it "stands" or exists at a specific moment in time. The statement is prepared by the accountant from incomplete records provided by the trader or business owner. The accountant uses available information to prepare the statement of affairs, such as a list of assets, liabilities, and any other information that can help determine the financial position of the business. This statement does not show the profit or loss made during the period but rather it shows the financial position of the business at a specific point in time.