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Business Accounting and Bookkeeping
Financial Statements

What is the difference between balance sheet and a statement of affair?

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January 22, 2011 12:28PM

A balance sheet is a list that summarizes all financial information of a company. This includes liabilities (what the company owes) and assets (the company's economic resources). A statement of affairs, on the other hand, is specifically used by a debtor to show all of their assets and liabilities, usually for purposes of evaluating a case of bankruptcy.