Accounting Essay

Financial statements (also known as pro-forma statements) have a forecast balance sheet, income statement and statement of cash flows. Financial statements are used to summarize the different events projected for the future. They are very important in the planning process. The balance sheet is what this research is concerned about. Financial statements are evaluated for performance, for example organizations with multiple divisions compare the performance of the divisions using financial statements. Secondly they help plan for the future.

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

A balance sheet gives an overall picture of a company's financial situation by showing the total assets of a business, including liabilities plus equity. Current assets can include cash, accounts receivable, inventory and prepayments for insurance. The balance sheet is used by investors to get an idea of what the shareholders have invested, including

* A balance sheet is snapshot of the financials for that organization (with assets on the left and liabilities on the right side) for that particular date that was requested

The balance sheet (BS) is significant to a business due to its ability to provide a “snapshot” of a company’s assets and liabilities at any given time. This financial document is a cursory representation of a business’s health. The use of comparative BS whether it be yearly, quarterly, or monthly provides the interested parties a tool to observe trends that are positive, negative, or neutral to a company’s financial health (Finkler, Jones, and Koyner,2013) .

The balance sheet is considered a point in time statement because it elaborates on the current position of the organization. Based on the balance sheet, the organization is able to make an educated decision to know if it’s the best time to pursue additional business. The balance sheet is usually reviewed by a creditor when searching for new opportunities. Basically, the creditor determines the company’s position by subtracting the company 's liabilities from the assets. Liabilities are the debts and obligations a facility, regardless of the magnitude of the business. Once the liabilities have been subtracted from the assets, a stakeholder 's equity is determined.

The Balance Sheet is another type of financial statement used by a company to see a snapshot of the company's financial position at a particular point in time. It lists the value of the company's assets followed by its liabilities. A balance sheet can be summed up by a simple equation:

The balance sheet is one of the major and critical financial statements that show the financial position of the company. The balance sheets tell the user of the

A Balance Sheet is a snapshot of an organization’s assets, liabilities, and owners’ equity at any given time. It allows the stakeholder’s to see the company's financial condition, as well as, presenting what is owned and owed. Assets are the things that are owned, and are referred to as capital. Liabilities are the amounts owed to others. In order to get an accurate picture, one must look at the whole document, and make comparisons amongst different line items.

| the probable future benefits, probable future sacrifices, and residual interest for a period of time

The financial information is a very important matter in a company success. Allow them to see if they have been successful in the past, in the present and help them to predict a future performance of you company.

Finance has establish itself key to businesses because every company is out to make profit, job roles consist of accurately creating reports to indicate the turnover margins. This is prepared so that businesses can

The Balance Sheet shows the company's financial standing at a given point in time, e.g. at the end of a year or at the end of a month. It is called 'Balance' since financial assets on one side and liabilities plus owner's equity on the other side must balance (and certainly not show a loss) for the company to be successful

A balance sheet provides a snap short about the firm’s financial position at a specific point in time, presenting in time, presenting its asset holdings, liabilities and owner’s supplied capital.

The balance sheet is considered a statement which represents the company’s financial position as of a specific date in which some call a snapshot of the company at a given time. (Melicher & Norton, 2015) It includes information on assets and liabilities. Assets may include current assets which include cash or any assets that can be converted within a year as well as fixed assets which include the physical facilities the company uses for production, storage, distribution or for the displaying of a company’s products. Liabilities on the other hand provide an idea of what is owed to the creditors and owners. This can include accounts payable, accrued liabilities that need to be met which come from current funds and operations. IT also includes notes payable. (Melicher & Norton, 2015)