Cambridge O Level Business Studies · Syllabus 7115 · Financial Information and Decisions
Statement of Financial Position
What is Statement of Financial Position?
A financial statement showing what a business owns and what it owes at one particular date, together with the owners' claim on the business. It sets out non-current assets, current assets, current liabilities, non-current liabilities and owners' equity, and always satisfies the relationship that total assets equal total liabilities plus owners' equity. Unlike an income statement, which covers a period of trading, it is a snapshot of a single moment.
This definition is part of the Financial Information and Decisions chapter in Cambridge O Level Business Studies.
Last reviewed Syllabus 2026