Accounting - Basic Accounting Balance Sheets

Topics:
Financial Statements
Tags:
Accounting,
Operational Accounting,
Liability,
Financial Statements,
Financial Services,
Financial Accounting,
Finance,
BusinessTown.com,
Business Operations,
Balance Sheets,
...
Source:
BusinessTown.com

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Overview: A balance sheet is a snapshot of a business financial condition at a specific moment in time, usually at the close of an accounting period. A balance sheet comprises assets, liabilities, and owners' or stockholders' equity. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, assets must equal liabilities plus owners' equity. An asset is anything the business owns that has monetary value. Liabilities are the claims of creditors against the assets of the business.

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Format: HTML | Date: Jan 2009 | Pages: 3

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