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Business Skills All-in-One For Dummies
book

Business Skills All-in-One For Dummies

by Kate Burton
April 2018
Beginner content levelBeginner
720 pages
19h 31m
English
For Dummies
Content preview from Business Skills All-in-One For Dummies

Chapter 3

Reporting Financial Condition in the Balance Sheet

IN THIS CHAPTER

check Reading the balance sheet

check Categorizing business transactions

check Connecting revenue and expenses with their assets and liabilities

check Examining where businesses go for capital

check Understanding values in balance sheets

This chapter explores one of the three primary financial statements reported by business and not-for-profit entities: the balance sheet, which is also called the statement of financial condition and the statement of financial position. This financial statement summarizes the assets of a business and its liabilities and owners’ equity sources at a point in time. The balance sheet is a two-sided financial statement.

The balance sheet may seem to stand alone because it’s presented on a separate page in a financial report, but keep in mind that the assets and liabilities reported in a balance sheet are the results of the activities, or transactions, of the business. Transactions are economic exchanges between ...

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Publisher Resources

ISBN: 9781119473978Purchase book