Life use accounts are precisely that, accounts and/or assets used for daily living. Checking, savings, and money market accounts (and some CDs) are all life use accounts. One way to think about life use accounts is simply as containers that hold your money as it comes in and out and you use it to live life.
A personal statement of financial position is an outline of an individual’s financial position at a given point in time. It demonstrates your net worth: your assets minus your liabilities. The goal of the Statement of Financial Position is twofold; first to ensure your finances are invested in a way that will allow you to accomplish your goals (retirement, travel, education, etc.), and second, to ensure both your assets (investments) and your liabilities are being managed efficiently.