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In: Finance

All of the following are uses of the Statement of Net Worth except:      It provides...

  1. All of the following are uses of the Statement of Net Worth except:
    1.      It provides a way of measuring progress in meeting the family’s goals.
    2.     A detailed list of assets shows what you can draw on if you run into financial difficulty.
    3.      The list and value of your assets show what you have to manage.
    4.     The Net Worth helps you monitor the build-up of your assets.

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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).

jeff jeffy answered 2 years ago
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