ACC 557 Week 3 Discussion 2

ACC 557 Week 3 Discussion 2 - a list to get a detailed...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 3 Discussion 2 Analyze the standard classifications that are used in preparing a classified balance sheet. Should there be others? If so, what? The standard classification for preparing a balance sheet, it is used to help the accountant report the companies assets, liabilities and the owners equity. But when it comes to a classified balance sheet, the sheet will help the user understand where the company is financially. The balance sheet is designed to place all assets and liabilities in
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: a list to get a detailed breakdown on both the assets and liabilities that company has. From that stand point, it helps the accountant figure out if the company has the resources to pay their debts off when it is time to do so. When or lets say if, the company's assets were to ever exceed their liabilities on the balance sheet, the balance sheet can help them see where they can squeeze the funds from to pay the debt off....
View Full Document

This note was uploaded on 01/16/2012 for the course ACC 557 037VA016-1 taught by Professor Kimberlydillman during the Spring '11 term at Strayer.

Ask a homework question - tutors are online