Balance sheet -...

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Balance sheet – formal statement of company’s financial position at specific time Shows what company owns and owes. Horizontal balance sheet assets on left, liabilities and shareholders equity right. A= L+SE GAAP principles Top left category on balance sheet is current assets (format important) Double underline under final figures. Assets Current assets = list in declining liquidity - cash most liquid asset Asset – something a company owns that can attach a monetary value to Current Asset – cash or any other asset that can be converted into cash or consumed  within a year. Cash first account in balance sheet (always) Marketable security (temporary investment)– next liquid asset - something you can  sell and turn into cash within 24 hours. Accounts receivable – someone owes you money, due in 31 days.
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Balance sheet -...

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