Archive / 4.3 Balance Sheet

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A balance sheet defined

I think that there’s a really descriptive name given to an entity’s balance sheet for instance in the International Financial Reporting Standards. An entity’s balance sheet is also called as ‘statement of financial position’ and that’s exactly what a balance sheet in essence is.  (more…)

Bringing forward beginning balances

An account on the balance sheet consists of following components – brought forward balance, debits and credits for the period and carried forward balance (a sum of the brought forward balance, the debits and the credits) that’s taken as a new beginning balance to the next period. Brought forward balance or a beginning balance is […]