MGTA02H3 Lecture Notes - Balance Sheet, Financial Statement, A Question Of Balance
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MGTA02H3 Full Course Notes
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Once a year, at least, at the end of their fiscal year accountants collect the financial information, analyse it and present it into the two principle. Financial statements : the balance sheet, the income statement. One way of judging the financial position, the wealth or the status of an individual, or an organization, is to ask: The balance sheet is the financial statement that attempts to answer the question: what are the resources available to the business? or put more simply what things does the business own? . A balance sheet shows the resources owned and available to the business. The money to acquire assets can be borrowed / owed liabilities. Or the money to acquire assets can be money that you had already possessed or previously earned - owner"s equity. Shows information about a company at a moment in time. Assets are the resources available to a business.
