The statement of financial position typically includes general information about the individual,

such as name and address, along with a breakdown of total assets and liabilities. The statement
can help individuals track their financial goals and wealth, and can be used when they
apply for credit. Same as in our daily life, our statement of financial position is the SWOT
analysis of ourselves and our dreams. With that we will know the pros and cons of our
strategies and also ourselves. What we are least in and what are we the best in. We can also
have the huge possibilities to win this battle on our goals in life that we want to achieve.
1.

Information about the individual, such as name and location, as well as a breakdown of total assets and
liabilities, are included in the statement of financial position. An organization's assets, liabilities and
equity must be accurately represented in a statement of financial condition. As a result, the financial
situation of the company at a specific point in time becomes apparent. Our financial statement is a
SWOT analysis of ourselves and our ambitions, just as it is in our daily lives. Our strategies and even
ourselves will become clearer as a result. What we do poorly and what we excel at. We also have a great
chance of winning the struggle for our life objectives.

2.

The account form lists assets on one side and liabilities and owners' equity on the
other side, whereas the report form lists assets on top and liabilities and owners' equity
on the bottom. Account Form and Report Form Balance Sheets The left column of
the account form balance sheet lists assets, while the right column lists liabilities and
equity. The report form balance sheet is presented in a vertical orientation, and is
essentially one column that spans the entire width of a page. Additionaly, The account
form refers to a two-column format for the presentation of the balance sheet. In this
format, assets are listed in the first column, while liabilities and equity accounts are
listed in the second column.