What is a Balance Sheet or Statement of Financial Position❓
What is a Balance Sheet or Statement of Financial Position❓
👉🏻What is Balance Sheet or Statement of Financial Position?
A balance sheet or statement of financial position is a report made to show the financial position of an entity at a given time. It will show various information such as various resources of the entity, obligations to third parties. and the number of owner's equity
👉🏻What do you need to know before making a balance sheet?
Before making a balance sheet, the maker must know the categories in the balance sheet first. In which the balance sheet will have the following categories:
Assets are rights and resources owned by the entity. These must have value. but may or may not exist The assets can be subdivided as follows:
- Current assets are cash or assets that can be converted to money within 1 year.
- Non-current assets are assets that cannot be converted to money within 1 year.
This type of asset is a very valuable and durable asset.
Liabilities are obligations that third parties have to the business. caused by borrowing subdivided as follows:
- Short-term liabilities are liabilities that are due within 1 year.
- Long-term liabilities are liabilities that are due for more than one year.
👉🏻What are the types of balance sheets?
There are two types of balance sheets: accounting and reporting.
- Account form balance sheet is the type that reports assets on the left. And the debt and owner's equity information is on the right.
- The balance sheet report (Report form) is the type that reports assets at the top and liabilities and owner's equity at the bottom.
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