Balance sheet concepts, Accounting Basics

THE BALANCE SHEET CONCEPTS

According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the creditors and owners next to these properties'.

The Balance Sheet is a declaration that is ready typically on the last day of the accounting year, showing the financial situation of the anxiety as on that date. It comprises of a list of possessions liabilities and capital. An asset is any right or thing that is owned by a business. Assets comprise land, buildings, tools and something else a business owns that can be known significance in money provisions for the intention of financial reporting. To obtain its assets, a business may have to get money from a variety of sources in accumulation to its owners (shareholders) or from retained profits. The various amounts of money payable by a business are called its liabilities.  To offer extra information to the user, assets and liabilities are typically described in the balance sheet as:

- Current: those due to be repaid (Current liabilities) or transformed into cash within 12 months of the balance sheet date (Current Assets).

- Long-term: those due to be repaid (Long term liabilities) or transformed into cash other than 12 months after the balance sheet date (Fixed Assets).

Posted Date: 10/15/2012 5:30:39 AM | Location : United States







Related Discussions:- Balance sheet concepts, Assignment Help, Ask Question on Balance sheet concepts, Get Answer, Expert's Help, Balance sheet concepts Discussions

Write discussion on Balance sheet concepts
Your posts are moderated
Related Questions

Q. Example of retail inventory method? In Exhibit we display the retail inventory method. In the exhibit the costs (USD 22000) as well as retail (USD 40000) amounts for beginni

Q. Illustrate lower-of-cost-or-market method? Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around th

Hi there, I was just wondering I''m not to sure how to describe my assignment, the subject is ACCOUNTING for university level... and it is 100 Level never don''t this paper in high

Q. Show Recording changes in assets? Recording changes in assets, liabilities, and stockholders' equity While recording commerce transactions remember that the foundation of

Prepare a trial balance All account names would be listed in left-hand column. Place the account balance in appropriate debit or credit column for those accounts which have

Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to

Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction

Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.

What is Payroll record keeping Employer should maintain payroll records which will supply the name, social security number, address, gross earnings for every payroll, period o