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Simple English definitions for legal terms

statement of condition

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A quick definition of statement of condition:

A statement of condition, also known as a balance sheet, is a document that shows how much money a person or company has, how much they owe, and how much they own. 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. It is different from an income statement, which shows how much money a person or company has earned and spent over a period of time.

A more thorough explanation:

A statement of condition is also known as a balance sheet. It is a financial statement that shows the current financial position of an entity. This statement discloses the value of the entity's assets, liabilities, and owners' equity.

For example, if a company has $100,000 in assets, $50,000 in liabilities, and $50,000 in owners' equity, the statement of condition would show these values. This statement is important because it helps investors and creditors understand the financial health of the entity.

The statement of condition is different from the income statement, which shows the entity's revenue and expenses over a period of time. The statement of condition is a snapshot of the entity's financial position at a specific point in time.

statement of claim | statement of confession

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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