statement of condition

Definition

A quantitative summary of a company's financial condition at a specific point in time, including assets, liabilities and net worth. The first part of a balance sheet shows all the productive assets a company owns, and the second part shows all the financing methods (such as liabilities and shareholders' equity). also called balance sheet.

Use this term in a sentence

Before we purchased the factory in Nepal, we insisted on having the company's financial statement of condition translated into dollars.

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The Internal Revenue Service agent requested a detailed statement of condition from ABC widgets Incorporated before performing their tax audit.

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Statement of Changes in Net Assets Available for Pension Benefits statement of ERISA rights