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Financial statements capture your overall wealth at a specific point in time.
In this lesson, you will:
Define terms associated with financial statements.
2. Incorporate data into financial statements
3. Determine if an item is an asset, liability, or both
4. Organize personal financial data into a spreadsheet to determine net worth
Financial statements are compilations of personal financial data that describe an individual’s current financial condition. They present a summary of assets and liabilities, as well as income and spending.
Access the following attachment and complete the exercise worksheet.