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Starting a Business All-in-One For Dummies, 3rd Edition
book

Starting a Business All-in-One For Dummies, 3rd Edition

by Eric Tyson, Bob Nelson, The Experts at Dummies
April 2022
Beginner content levelBeginner
656 pages
17h 51m
English
For Dummies
Content preview from Starting a Business All-in-One For Dummies, 3rd Edition

Chapter 3

Reporting Financial Condition in the Balance Sheet

IN THIS CHAPTER

Bullet Interpreting the balance sheet

Bullet Categorizing business transactions

Bullet Connecting revenue and expenses with their assets and liabilities

Bullet Examining where businesses go for capital

Bullet 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, almost always at the end of the income statement reporting period. The balance sheet is a two-sided financial statement that lists assets on the left and liabilities and owners’ equity on the right.

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 ...

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Publisher Resources

ISBN: 9781119868569Purchase Link