Asked in Business Accounting and BookkeepingFinancial Statements
What is the difference between balance sheet and a statement of affair?
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.