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Statement of Financial Position

Concepts Behind Statement Of Financial Position

Also referred as Balance Sheet in popular parlance by accounting experts, Statement of Financial Position depicts the assets and liabilities of a business and its subdivisions along with the owner's equity included in the statement provided at the end of all transactions during the end of the financial year of a firm. The assets of a firm are calculated by adding the liabilities which are the amount due from debtors, forming part of gains or income for the company and the actual equity of the company held by the stockholders of the concern. The Balance Sheet of a company is the lifeline of the company as it shows the position of the company, in terms of its assets and liabilities, at a particular period of time, usually at the end of a financial year, when all the transactions of the company have been completed and stock taking is proceeded with. The main difference between the Income Statement and Balance Sheet is that the Income Statement records the income of the company over a period of time and depicts only the incoming amount of money, while the Financial Statement is a record of the company's financial position on any particular day, say by the end of the financial year.

An example of a Balance Sheet can be written as follows

Ray's Instruments Shop

Statement of Financial Position

31st March 2017

Current Assets

 

Cash in hand

$7,800

Stock or Inventory

$10,900

                      Total Current Assets

$18,700

   

Fixed Assets (Building)

$10,000

(Depreciation on the building)

($250)

                    Total Fixed Assets

$9,750

 

Current Liabilities

 

 Account Payable     

$8,500

Expenses (current)

$1,000

Total current liabilities

$9,500

Debts (previous liability)

$500

                                       Total Liabilities

$10,000

Owner's Equity

 

Stock in hand

$8,450

Retained Earnings (of the previous year)

$10,000

                                          Total Owner's Equity

$18,450

The above example on Statement of Financial Position provides a detailed description of the assets possessed by the business firm in contrast to its liabilities and also shows the Owner's Equity, which gives rationale for the investors to invest in the business concern.

The assets of a company are of two types, namely tangible assets which include physical forms like building, furniture and equipment involved in the office of the business firm, while intangible assets are those that refer to the abstract forms of assets like copyrights and goodwill. The receivables account is also classified under income or assets as the amount is expected from customers for goods sold in credit.

In case of liabilities in a business, it could be categorized into two depending on type of settlement planned, in the form long term and short term, with long term liability being settled over a longer period of time. The long term liabilities include the amount due to suppliers of goods or those due to manufacturers, which is settled over a period of time, usually in installments, while short term liability includes amounts returnable to banks in terms of overdrafts sanctioned by the banks and loans obtained from banks. 

Difficulties Encountered In Statement Of Financial Position

With much practice only, the students will be able to categorize any criteria under assets or liabilities, especially if it involves some complex aspects like expenditure on maintenance of assets. The students should be informed whether the company is in the process of making profit or incurring loss through viewing the Statement of Financial Position. Also proper tallying is essential as the Statement of Financial Position should indicate that the total value of assets is equal to the sum of total liabilities and owner's equity. Making sure that assets equal the liabilities and owner's equity is very important for the students as in the Statement of Financial Position tallying of these two is required. However, in a business it is inappropriate to judge the future of the concern, whether it will go for a loss or a profit just by viewing the current Statement of Financial Position, which is why it is difficult to judge for the students the actual position of the concern in future.

Help With Statement Of Financial Position Assignment - Homework

One of the most burdensome tasks to be performed by students is writing assignments and solving homework problems based on Statement of Financial Position which provides complex issues of liabilities and assets and if not understood completely, may take much time of the students and leave them with an incomplete task. This situation is the worse when students try to pile up their work and complete it in the last minute of their submission schedules. To overcome the problem of time and task management, the students trust certain websites and allocate the work to those people in order to obtain better help and guidance. However, though there are numerous sites which offer help on Statement of Financial Position, it will be very few which may be in a position to keep up the standards guaranteed by them and go with the task of providing authentic assignments and assured problem solving assistance.

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