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A quick definition of statement of condition: It helps to give a clear picture of their financial situation at a specific point in time. This statement includes information about assets, liabilities, and owners equity.
Balance Sheet (also known as statement of financial condition or statement of financial position): An itemized financial statement that lists assets, liabilities, and equity. A Balance Sheet represents your practices overall financial position at a given point in time.
Statement of condition. A document describing the status of assets, liabilities, and equity of a person or business at a particular time.
The Statement of Condition is the banks balance sheet. a. The assets on the left side of the balance sheet include the banks funds and other property used in its business.