chapter2 - Chapter 2: The Balance Sheet l What does the BS...

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Chapter 2: The Balance Sheet l What does the BS tell us? l Elements of the Balance Sheet l Accounting equation l Structure and format of the Balance Sheet l Valuation of assets
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What does the Balance Sheet tell? l The Balance Sheet: l summarizes the financial position of the business l is a financial snapshot at a moment in time l does not explain how the company got to that position, it just show the results. l has three main elements: l Assets l Liabilities l Owners equity (capital)
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The Main Elements Of The Balance Sheet The Main Elements Of The Balance Sheet
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Elements of the balance sheet (2) l Assets: l are acquired, built by a business to generate future benefits l must be capable of being measured in monetary units l The firm must have exclusive control over assets
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Elements of the balance sheet (3) l Assets: l Fixed assets l Tangible, l Intangible l Financial assets l Current assets l Stocks or inventories l Debtors or account receivables l Cash l Prepayments
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This note was uploaded on 09/14/2010 for the course ACCOUNTING 311 taught by Professor Peter during the Summer '10 term at St. Louis CC.

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chapter2 - Chapter 2: The Balance Sheet l What does the BS...

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