The financial position of a firm reflects the status of its assets, liabilities, and equity accounts as of a certain time. This is depicted on its financial statement and is also known as financial condition.
Negative Net Worth, also referred to as Deficit Net Worth, occurs when an individual's or a company's liabilities exceed their assets. This financial condition indicates that the value of obligations outweighs the owned resources.
A detailed document that provides an individual's financial health using often the accrual basis of accounting.
A qualified opinion is a statement issued by an auditor that indicates exceptions or limitations to the comprehensive nature of the audit conducted on financial statements.
