Balance Sheet Accounting Basics. Assets fixed assets current assets intangible assets stock cash money owed from customers accounts receivable ledger and prepayments. A balance sheet comprises assets liabilities and.
The original amount paid for an item. The reasonable amount for which an item could be sold in the marketplace. A balance sheet is a snapshot of a business s financial condition at a specific moment in time usually at the close of an accounting period.
Assets liabilities owners equity.
A balance sheet is a snapshot of a business s financial condition at a specific moment in time usually at the close of an accounting period. Marilyn moves on to explain the balance sheet a financial statement that reports the amount of a company s a assets b liabilities and c stockholders or owner s equity at a specific point in time because the balance sheet reflects a specific point in time rather than a period of time marilyn likes to refer to the balance sheet as a snapshot of a company s. The balance sheet also called a statement of financial condition is a where do we stand at the end of the period type of report. Assets fixed assets current assets intangible assets stock cash money owed from customers accounts receivable ledger and prepayments.
