Some day, on the corporate balance sheet, there will be an entry which reads, ‘information’; for in most cases, the information is more valuable than the hardware which processes it.
Grace Murray Hopper, Inventor of COBOL (1906–92)
Now that you know about an income statement let’s learn about a balance sheet. This, along with the income statement, are the two most common financial statements prepared from the accounting records of an organisation.
A balance sheet is simply a list of the assets, liabilities and capital ...