Interested to Buy Any Domain ? << Click Here >> for more details...
What is Balance sheet?
- 3 Answers
- 7653 Views
- EDS, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / pravin kamble
Balance sheet a statement which shows the financial
position of the company as of date.
| Is This Answer Correct ? | 7 Yes | 2 No |
In financial accounting, a balance sheet or statement of
financial position is a summary of the financial balances
of a sole proprietorship, a business partnership or a
company. Assets, liabilities and ownership equity are
listed as of a specific date, such as the end of its
financial year. A balance sheet is often described as
a "snapshot of a company's financial condition".[1] Of the
four basic financial statements, the balance sheet is the
only statement which applies to a single point in time.
A standard company balance sheet has three parts: assets,
liabilities and ownership equity. The main categories of
assets are usually listed first, and typically in order of
liquidity.[2] Assets are followed by the liabilities. The
difference between the assets and the liabilities is known
as equity or the net assets or the net worth or capital of
the company and according to the accounting equation, net
worth must equal assets minus liabilities.[3]
Another way to look at the same equation is that assets
equals liabilities plus owner's equity. Looking at the
equation in this way shows how assets were financed: either
by borrowing money (liability) or by using the owner's
money (owner's equity). Balance sheets are usually
presented with assets in one section and liabilities and
net worth in the other section with the two
sections "balancing."
Records of the values of each account or line in the
balance sheet are usually maintained using a system of
accounting known as the double-entry bookkeeping system.
A business operating entirely in cash can measure its
profits by withdrawing the entire bank balance at the end
of the period, plus any cash in hand. However, many
businesses are not paid immediately; they build up
inventories of goods and they acquire buildings and
equipment. In other words: businesses have assets and so
they can not, even if they want to, immediately turn these
into cash at the end of each period. Often, these
businesses owe money to suppliers and to tax authorities,
and the proprietors do not withdraw all their original
capital and profits at the end of each period. In other
words businesses also have liabilities.
| Is This Answer Correct ? | 5 Yes | 0 No |
Balance sheet is a statement it shows the finanical
pogitions of the comapny for an accounting period
| Is This Answer Correct ? | 3 Yes | 1 No |
What is holding company?
what is assest and liability? give examples
In a housing society accounting if a defaulter having dues consisting of principal amount and simple interest, pays a part amount whether the received amount should be adjusted first against the interest dues and accordingly reduce the balance principal dues or adjusted only against the principal amount, allowing outstanding simple interest to contineously increase/
difference between rent office rent
What is the TDS rate in Maharastra, Tamil Nadu, Karnakata,Odisha & West Bengal. What is about Profession Tax.
I m considering BASIC + DA at the time of calculating EPF. Is it the right procedure?
kindly send the TDS tariff on Security expenses, rents, transport charges etc.,
what's the difference between impress cash account and petty cash account
Outstanding Expenses are the examples of
what kind of items are posted in the income statement?
2 Answers eClerx, Tata Motors,
what is depreciation ? and its entries ?
8 Answers Genpact, HC, HCL, HP, TCS,
what does LAT stand for in FYE statement
Audit 
