A personal financial statement is a document or spreadsheet which shows an individuals financial position at a given point in time. A personal financial statement includes general information about an individual, such as name and address, along with the total assets and liabilities. This statement is useful for tracking financial goals and wealth. It is also often required when applying for credit.

I. On this topic, you are required to prepare your own personal financial statement for the year 2021, by providing at least 12 different assets and 6 different liabilities, along with discussing the importance of preparing personal financial statement.