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Ch2- The Balance Sheet-1

Ch2- The Balance Sheet-1 - Assets = General Parameters •...

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Understanding  Financial Statements    EIGHTH EDITION Lyn M. Fraser  Aileen Ormiston Chapter 2 – The Balance Sheet Chapter 2  The Balance Sheet
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The Balance Sheet 2-3 “Old accountants never die;  they just lose their balance”   --Anonymous
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The __________ _______ Also called the statement of condition or statement of financial position Shows the financial condition or financial position of a company _____ ____ ____________ _______ 2-4 Financial Condition
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Financial Condition (cont.) ________ = What the firm owns __________ = What the firm owes to outsiders ____________ _____= What the firm owes to owners 2-5     __________+____________  _____
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Unformatted text preview: Assets = General Parameters • _____________ – when financial statements are combined due to parent owning more than 50% of voting stock in subsidiary • Balance Sheet Date – prepared at ___ ______ ___ ______/on a particular date at end of accounting period – _____ ___ accounting period date can be calendar year or fiscal year or interim period such as year, quarter, etc. 2-6 General Parameters (cont.) • Comparative Data – SEC requires that Balance Sheet includes ____ years of data (current and prior year balances) – Provides reference point for determining ________ ___ _________ position over time 2-7...
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Ch2- The Balance Sheet-1 - Assets = General Parameters •...

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