STATEMENT OF AFFAIRS Definition

Bookmark and Share

STATEMENT OF AFFAIRS is a specialized form of financial statement setting out the debtors assets and liabilities - secured, preferred and unsecured. This document is usually prepared on short notice and from incomplete records. It is sworn to by an officer of the company and or by the bankrupt where applicable. The trustee often has a different opinion as to the value of the assets and the extent of liabilities included therein. The formalized statement of affairs is sworn under oath by the debtor before a lawyer or designated legal/court entity.

Learn new Accounting Terms

QUETZAL (QUETZALES) is a currency of Guatemala.

COOPERATIVE ADVERTISING is a joint advertising strategy under which costs are shared; e.g. by a manufacturer and another firm that distributes its products.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.