It is known as the ‘balance sheet’ because it is a fundamental accounting truth that the total value of the assets of the business is equal to the total value of the claims that others have over those assets. i.e. the business itself owns nothing and it only has control of assets that are actually […]
Tag archives for financial statements
What is the meaning of “balance sheet”?
category: Financial Statements
tags: accounting equation, assets, balance sheet, financial statements, liabilities, owners equity, Statement of Financial Position
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When people do “accounting by hand”, what do they include on the paper?
My read of the expression ‘accounting by hand’ is that it is the description of the way an enterprise’s financial transactions were recorded before the arrival of computerised accounting some 30+ years ago. What people recorded on paper when doing ‘accounting by hand’ was all the financial transactions of the enterprise. Now the initial information […]
category: History of Accounting
tags: COGS, computerised, day book, financial statements, financial transactions, general ledgers, gross margin, journals, posting, trial balance
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