2006-10-26 23:33:42 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
i prefer the title - statement of position - it is a summary of the net worth of an entity
2006-10-26 23:35:43 · answer #1 · answered by Ruthie Baby 6 · 0⤊ 0⤋
The cost of assets less the amount you owe others equals your net worth. This balance sheet statement is alsways for a point in time rather than an accumulation of receipts and disbursementswhich would show on an income statement
2006-10-26 23:47:39 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
A balance sheet, in formal bookkeeping and accounting, is a statement of the book value of a business
(at a particular date, at the end of a period)
distinct from an income statement (also known as a profit and loss account P&L), which records revenue and expenses over a specified period of time.
2006-10-26 23:35:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
list of assets and liabilities
they always equal to each other.
very simple example, if i borrow 10 pounds from you; that means my cash assest is 10 pounds. but my liability is also 10 pounds because i owe that money to you.
2006-10-26 23:36:14 · answer #4 · answered by Quantum 2 · 0⤊ 0⤋