Give any three differences between ‘Statement of Affairs’ and ‘B

Give any three differences between ‘Statement of Affairs’ and ‘Balance Sheet’.

Answer»

Difference between Statement of Affairs and Balance Sheet:

Basis of Difference	Statement of Affairs	Balance Sheet
Objective	Its objective is to estimate the balance in capital account on a particular date.	Its objective is to show the true financial position of a business on a particular date.
Reliability	It is less reliable as it is prepared from incomplete records.	It is more reliable as it is prepared on the basis of double entry system.
Omission	Omission of assets or liabilities can’t be discovered easily.	Omission of assets or liabilities can be discovered easily.

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Give any three differences between ‘Statement of Affairs’ and ‘Balance Sheet’.

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