Statement of financial position
What Statement of financial position means in Business GCSE, as defined for AQA.
Definitions of Statement of financial position
Exam boards and our study guides word this term in slightly different ways. Learn the version your board uses.
Check what you remember
Read the wording for your board, then hide it and explain Statement of financial position in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The component that lists assets, liabilities and equity at a single date.
A financial document showing a business's assets, liabilities, and equity at a specific point in time.
Topics that use Statement of financial position
- Analysing the financial performance of a business (AQA GCSE)
- Human resources (AQA GCSE)
Related terms
- Average Rate of Return (ARR)
- Asset and liability classification
- Assets
- Business decision making
- Business objectives
- Calculating and comparing ratios and totals
- Cash Flow Forecast
- Causes and consequences of financial change
Using Statement of financial position in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
Practise Business questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
A week of Premium from your first lesson · Then the free plan continues · No card, no charge