Types of balance sheet accounts – assets

In a previous post we had a look at the concept of a financial statement called a balance sheet. In this post we’ll examine the types of accounts that we’ll use on the balance sheets. First let’s recall our accounting equation. Assets = Liabilities + Owner’s Equity or put another way. Owner’s Equity = Assets – Liabilities. What the balance sheet shows is how much the business owes owners or said another way how much equity the owners have in the business. Depending on the size of the business... Read the full text.
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