California Summary Of Account-Standard And Simplified Accounts (SOA) provide a high-level summary of an individual's financial status. The SOA is an important tool for understanding a person's financial situation, and it is used by lenders, credit card companies, and other financial institutions. The SOA is divided into two categories: Standard and Simplified. Standard SOA: The Standard SOA includes information such as total assets, total liabilities, net worth, and overall credit rating. It also includes details about the individual's income, expenses, and debt. Simplified SOA: The Simplified SOA includes only the most basic information such as total assets, total liabilities, and net worth. It does not include any details about the individual's income, expenses, or debt. Both Standard and Simplified Sons are used by lenders and other financial institutions to assess an individual's financial status. They are also used by individuals to understand their financial situation and to plan for their financial future.