What is a BALANCE SHEET?

The Balance Sheet is a Financial Statement that gives us a 'snapshot' of a business' Assets, Liabilities and Equity at a point in time.

Assets go on the left. They represent the stuff that the business owns. On the right we have the stuff that a business owes: Liabilities and Equity. A business owes Liabilities to third parties and Equity back to its owners.

The Balance Sheet is also called the Statement of Financial Position.

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#Shorts #accountingstuff

[Phenixxreallife]

Keep coming bro, we're accountants

[bindu]

To the point so informative, thank you!

[vaibhavbisht]

Bro can you make more shorts on Finance and Accounting ?

[realmmeyenepaul]

But why do most textbook place assets on the right.. in claim that it's not an account

[devshukla.]

I'm making sometimes in Journal entries
What can i do ?

[MominaRana-]

Sir i have a question
From which we make our SOPL ??
I mean from double entry / T acc / or from trial balance please reply i am very confused

[Quranshorts]

Do we put accumulated depreciation in balance sheet ? If yes which side? I got it in the exam but I couldn’t balance 🥲