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ACC 200 week 2 Assignment Financial Statements

ACC 200 week 2 Assignment Financial Statements - An...

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An organization's financial statements can offer an individual insight into the organization's profitability and capability in continuing operations, as well as presenting the organization's operations and if they are successful or not. The balance sheet holds a snapshot of the organization's assets, liabilities, and stockholders' equity within a time period, usually a day. The assets are those items owned by the organization and can be turned around and sold by face value if additional money is required. These assets can be long term (real estate or equipment) which take months or years to sell, or they can be short term (cash or investments). Liabilities are the organization's debts, which are also known as either short term liabilities (usually paid within a given time, usually a year) or long term liabilities (they are payable within a year or more). Share holders' equity is the amount of stock and retained earnings (or cash
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