Classification of balance sheets items, Accounting Standards

The balance sheet lists assets, capital and liabilities separately. This is an accepted convention about the assets and liabilities are demonstrated in sub groups and listed in the order of their liquidity or Permanence.

The balance sheet in our illustration or format is presented in the T account form. Such is the assets are listed in liabilities and one side and owners' equity on another.

The other commonly used way of presentation is the report form where liabilities and capital are listed over the assets. Though, the presentation matters extremely little as the balance sheet represents the equality among assets, capital and liabilities.

Posted Date: 4/3/2013 6:33:45 AM | Location : United States







Related Discussions:- Classification of balance sheets items, Assignment Help, Ask Question on Classification of balance sheets items, Get Answer, Expert's Help, Classification of balance sheets items Discussions

Write discussion on Classification of balance sheets items
Your posts are moderated
Related Questions

These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity

Q. Define Economic and financial decisions? You most likely will find that of all the business knowledge you have acquired or will learn the study of accounting will be the mos

Journal is an every days record of business transactions, this is also termed a 'Day Book' and is used for recording every day transactions in the order wherein they arise.  It is

Now assume that you have been asked how to account for the destroyed drilling operation in the Gulf Mexico in terms of the destroyed right and lost natural resources. Provide a rat

Prepaid Expenses In many conditions, like a custom, some of the item of expenses is generally paid in advance such as rent, taxes, insurance and subscriptions. The rationale of

Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate

Need solution Corporate Financial Accounting Chapter 3 and Chapter 4: Complete PR 3-4A on page 137 using appropriate software. Complete EX 4-4 on page 187 using appropria

It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces

The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri