balance sheet accounts quizlet
What is the balance sheet in accounting?
The Balance Sheet is basically the Accounting Equation which is made up of the ledger accounts assets, liabilities, and shareholder’s equity. The accounting equation is Assets = Liabilities + Shareholders Equity (or also known as Owner’s Equity, depending on the type of business structure).
Which items appear under the assets side of the balance sheet?
Items which appear under the assets side of Balance Sheet are: Fixed Assets: Land, Building, Machinery, Furniture, Vehicles, Computers Investments Current Assets: Stock, Sundry Debtors, Cash Balance, Bank Balance, Prepaid Expenses Q2. Is It Okay To Have Negative Amounts In The Equity Section Of The Balance Sheet?
What is a credit balance on a balance sheet?
Generally speaking, the credit balance reported in the owner’s or stockholders’ equity section of the balance sheet reflects the owners’ investments in the company plus the profits earned minus the amounts distributed to the owners since the time that the company began. Q22. What Is A Comparative Balance Sheet?
Accounting Equation Explained Balance Sheet
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