Question's Short Description
1: Statement of assets, liabilities and capital 2: Shows financial position on a specific date 3: Follows Assets = Liabilities + Capital 4: Divided into current and non-current 5: Helps to check solvency of business
Question's Long Description
1: It is a statement showing assets, liabilities and capital on a specific date
2: It follows the accounting equation: Assets = Liabilities + Capital
3: It shows the financial position of the business
4: Assets are arranged as current and non-current
5: It is useful for banks, investors and management to assess solvency
