Question
In: Finance
All of the following are uses of the Statement of Net Worth except: It provides...
- All of the following are uses of the Statement of Net Worth
except:
- It provides a way of measuring progress in meeting the family’s goals.
- A detailed list of assets shows what you can draw on if you run into financial difficulty.
- The list and value of your assets show what you have to manage.
- The Net Worth helps you monitor the build-up of your assets.
Solutions
Expert Solution
Answer:
a. It provides a way of measuring progress in meeting the family’s goals.
A "net worth" statement is prepared to provide a picture of the financial soundness of your business at a specific point in time. The statement records the assets of the business and their value, and the liabilities or financial claims against the business (i.e. debts).
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