what is the balance sheet
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Answer / renuka devi
WHAT IS COMPANY OWES AND OWNS.IT SHOWS THE FINANCIAL POSITION OF THE COMPANY AND WHICH IS PREPARED IN EVERY FINANCIAL YEAR ENDING
| Is This Answer Correct ? | 30 Yes | 1 No |
Answer / zameel ali
balance sheet is a statement that is show a economic condition
of a business there are two side one side is liabilities and second is assets side
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / ravikrisna786
A condensed statement that shows the financial position of an entity on a specified date (usually the last day of an accounting period).
Among other items of information, a balance sheet states (1) what assets the entity owns, (2) how it paid for them, (3) what it owes (its liabilities), and (4) what is the amount left after satisfying the liabilities. Balance sheet data is based on a fundamental accounting equation (assets = liabilities + owners' equity), and is classified under subheadings such as current assets, fixed assets, current liabilities, Long-term Liabilities. With income statement and cash flow statement, it comprises the set of documents indispensable in running a business. An audited balance sheet is often demanded by investors, lenders, suppliers, and taxation authorities; and is usually required by law. To be considered valid, a balance sheet must give a true and fair view of an organization's state of affairs, and must follow the provisions of GAAP in its preparation. Also called statement of condition, statement of financial condition, or statement of financial position.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / anil kumar prajapati
A statement of the assets, liabilities, and capital of a
business or other organization at a particular point in time,
detailing the balance of income and expenditure over the
preceding period.
Formula
Assets = Liabilities + Shareholders' Equity
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / veni
balancesheet is a statement of company financial position.it is prepared by accountants every end of the financial year.It is usefull to the shareholdes to know about the company financial background.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / naveen kumar.karumuri
Balance sheet is a Statement,To know the financial Position of the year End,
Thnk you
Naveen Kumar.Karumuri
Accounts Executive
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Answer / nishant
Balance sheet is financial statement of any company,which split in two side liabilities and assets prepare every year to show the current position of any company ...
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Answer / raghava
balance is the contain the statement report it is final report of year ending
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Answer / guest
If the words "debits" and "credits" sound like a foreign
language to you, you are more perceptive than you
realize—"debits" and "credits" are words that have been
traced back five hundred years to a document describing
today's double-entry accounting system.
Under the double-entry system every business transaction is
recorded in at least two accounts. One account will receive
a "debit" entry, meaning the amount will be entered on the
left side of that account. Another account will receive a
"credit" entry, meaning the amount will be entered on the
right side of that account. The initial challenge with
double-entry is to know which account should be debited and
which account should be credited.
Before we explain and illustrate the debits and credits in
accounting and bookkeeping, we will discuss the accounts in
which the debits and credits will be entered or posted.
| Is This Answer Correct ? | 2 Yes | 6 No |
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