May 2008
Intermediate to advanced
320 pages
6h 24m
English
book
Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers
by Karen Berman, Joe Knight, John Case
Content preview from Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers
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12
Why the Balance Sheet Balances
If you learned in school about the fundamental accounting equation, the instructor probably said something like this: “It’s called the balance sheet because it balances. Assets always equal liabilities plus owners’ equity.” But even if you dutifully wrote down that answer on the exam, you may be less than 100 percent crystal clear on why the balance sheet balances. So here are three ways of understanding it.
REASONS FOR BALANCE
First, let’s go back to an individual. You can look at a company’s balance sheet in the same way you’d look at a person’s net worth. Based on how we define the term, net worth always equals what a person owns minus what she owes. The formulation of the equation for an individual, presented ...
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