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A balance sheet is a summary of the financial balances of an individual or organization as of a specific date. It shows the assets, liabilities and equity or net worth of the entity, and follows the accounting equation: assets = liabilities + equity.
Learn the meaning of balance in accounting, as the amount of money owed or due on an account, or the difference between debits and credits. Find out how to balance the books and the balance sheet equation in accounting.
Long-term liabilities are debts that are due beyond a year or the normal operation period of the company. They are separated from current liabilities on a balance sheet to show the company's financial standing in short-term and long-term periods.
You start with what are called turnover ratios. How fast do we turn over the balance on the balance sheet? Accounts receivable turnover is a sales divided by your average for the period. The ...
The accounting equation is the foundation for the double-entry bookkeeping system and the cornerstone of the entire accounting science. It states that assets minus liabilities equals equity, and it can be applied to various transactions and financial statements.
Capital surplus is the amount a corporation raises on the issue of shares in excess of their par value. It is a component of shareholders' equity and may be used for various purposes, such as bonus shares, writing off expenses, or covering losses.
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