what is ascertainment of financial position
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Ascertainment of the financial position: The business is not only interested in knowing the results but also the financial situation of the firm, i.e., what he owes (Liability) and what he owns (Assets) on a specific date. Its balance sheet depicts an organization’s financial position.
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It is a statement that shows all the assets on one side and all the liabilities on the other side. It is similar to the Balance Sheet. ... However, the items of assets and liabilities are ascertained from vouchers, physical count and other relevant documents.
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