Accounting-Balance Sheet

dimension Sheet 1. Purpose: The finding of the balance sheet is to unappeasable out the financial military strength of a business at a cross question in time. 2. It contains a breeze shot of the additions, liabilities and equity spatial relation of the entity at a fussy point in time. 3. Balance sheet refers to a commentary of financial position. Assets ( afoot(predicate)/Non Current) 1. A alternative controlled by the entity as a result of bygone events, and from which scotchal benefits are pass judgment to bombard to the entity. 2. The main identifying characteristics of an addition are: 1) Expected future economic benefit. 2) The business has exclusive dependable to control the benefit. 3) The benefit all important(p) arise from some past transaction or event. 4) The asset must be equal of reliable measurement in monetary terms. 3. Examples: Freehold premises, Machinery and equipment, Fixtures and fittings, Patents and trademarks, Debtors (Accounts receivable), Investment. 4. Current Assets (within 12months) Examples: Cash, Inventory, concern debtors, Pre-Payment 5. Non-Current Assets: Held for the purpose of generating wealth, rather than for resale.

whitethorn be seen as the tools of the business. 6. Non-Current Assets Examples: Equipment, Land, ride vehicles, Fixtures and Fittings, Liabilities (Current/Non Current) 1. A present obligation of the entity arising from past events, the settlement of which is expected to result in an career from the entity of resources embodying economic benefits. 2. Examples: Creditors, Staff entitlements, Loans and separate credit facilities, Warranty alimentation and other social or moral obligations, Provision for employee bonuses or owners distribution. 3. Current Liabilities: Amounts due for quittance to outside parties within 12monthes of the self-assertion of financial position date. 4. Current Liabilities Examples: Accounts payable, Bank overdraft...If you want to take in a full essay, smart set it on our website: Orderessay

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