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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Balance Sheet |
The financial statement that presents a snapshot of the company’s financial position (assets, liabilities, and equity) at a particular date and time. It’s called a balance sheet because the things owned by the company (assets) must equal the claims against those assets (liabilities and equity). |
Snapshot |
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Assets |
All the things a company owns and uses to successfully run its business, such as cash, buildings, land, tools, equipment, vehicles, and furniture. |
All things |
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Liabilities |
All the debts the company owes, such as bonds, loans, and unpaid bills |
Debts |
