★THE BALANCE SHEET ⚖️📑★
ALL ABOUT ACCOUNTING : 34th BLOG ☆☆ACCOUNTING☆☆ ★ ACCOUNTING EXERCISE AND PRACTICES : Lesson : 1 ★BALANCE SHEET ⚖️📑★ ☆ Main elements of a balance sheet : The main elements of a balance sheet are : Assets, Liabilities and Equity Accounting equation : Total assets = Total liabilities + Equity ASSETS : Assets represent what is owned by the organization or owed to it. Assets are those items in which an organization has invested it's funds for the purpose of generating future receipts of cash. On the balance sheet, total assets are always equal to the sum of liabilities ➕ equity. Liabilities : Labilities represent what is owed by the organization to others either in the form of a loan which has been extended to it or obligations for the organization to provide good's and services in the future. Equity : Equity is equal to assets less liabilities. Unlike liabilities, the equity of an organization. Does not 🙅 have to be repa