Posted: Monday, July 26, 2010 by
Thomas Karanja
The Balance Sheet is a point of time statement, it tells what the business owns, what it owes and the next investment of the owner on a given date. Things owned by firm are called assets. Things owed are called liabilities. Owners investment is called net worth or proprietorship. Assets are usually listed on the left side of balance sheet and liabilities and net worth are recorded on the right side.
Business / Accounting