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What is the statement of financial position?

Would like to know does it includes Profit & Loss & Balance Sheet ?

Accounting Banking Finance
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Question added by Murtuza Lalbaugwala , Associate Auditor
Date Posted: 2013/07/06
Upvote (0) Views (13) Followers (0) Answers (4) Report Question
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Mercy Joseph
by Mercy Joseph , Sr Customer Executive , Mphasis an HP Company

Statement of financial position of a business is the profit and loss summary alongwith total expenses for the financial year.
Summary of your Assets and Liabilities.

MOHAMMAD FAISAL PA
by MOHAMMAD FAISAL PA , Assistant Financial Controller , Southern Sun Hotel

The Financial Position is the components of Assets , liabilties & owners' equity. It shows the true picture of the company's networth & short term & long term obligation.

Mohamed Umar
by Mohamed Umar , General Accountant , Napco National

Statement of Financial Position, also known as the Balance Sheet, presents the financial position of an entity at a given date.
It is comprised of three main components: Assets, liabilities and equity.

Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

I agree with the above comments:

The financial position of a company reflects from their Financial Statements, which comprise of 

1. Profit and Loss statement

2. Balance Sheet (Asset and Liabilities)

3. Statement of Equity movement and;

4. Cash flow statement

5. The Auditors report or Management letter issued to the company

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