Balance Sheet | Business Economics - A Library of Information

Bookkeeping – Closing the Books (Lesson 69)

08/12/2017 David J Hoare

All the lessons to date lead into this one long and arduous task with bookkeeping called ‘Closing the Books’. Closing of the accounting records is performed at the end of interim and fiscal year periods. […]

Bookkeeping – Proper Balance Sheet Presentation (Lesson 20)

01/14/2017 David J Hoare

The balance sheet serves as an historical report. It identifies the accumulated change in value since inception. The balance sheet is organized into two halves and both sides must be equal in value. […]

Bookkeeping – Debits and Credits with Parenthesis on the Balance Sheet (Lesson 13)

09/12/2015 David J Hoare

In the last 12 lessons I introduced debits and credits for the six types of accounts. In addition I explained the financial statement relationship between the balance sheet and the income statement (profit and loss). […]

Bookkeeping – Debits and Credits in Equity Accounts (Lesson 10)

08/21/2015 David J Hoare

The equity section of the balance sheet identifies the approximate dollar value of net worth accrued to the owners/investors. Equity type accounts can have both credit and debit balances. By far the most preferred is […]

Bookkeeping – Financial Statement Relationships (Lesson 9)

08/20/2015 David J Hoare

Before I can explain the debits and credits related to the equity types of accounts I have to make sure you understand the relationship between the financial statements. Specifically the relationship between the income statement […]

Leverage in Business

07/08/2015 David J Hoare

In the simple lever and fulcrum machine the force is magnified onto a load. The machine creates a mechanical advantage, a form of force amplification. In business the principle is exactly the same. Except here […]

Internal Controls – Fixed Assets

07/06/2015 David J Hoare

Internal controls is an accounting system to aid in proper reporting of existing assets and liabilities. Internal controls over fixed assets alleviate two distinct risks. The primary risk is physical in nature and relates to […]

Financial Statements for the Small Business

07/02/2015 David J Hoare

Financial statements serve the purpose of presenting economic activity and status related to a particular date and over a particular time frame. Accountants record monetary transactions and via financial reports present the information in an […]

Job Cost Reports – Balance Sheet Set

06/15/2015 David J Hoare

Construction accounting uses job cost reports to inform management of progress and existing issues with projects. There are several different sets of reports. The balance sheet set functions as an overall financial picture for the […]

Project Reports – Introduction

06/09/2015 David J Hoare

There are basically three groups of financial based project reports. Each set has its own priorities and purposes. Project reports are a function of production reporting with the exception of the balance sheet set (commonly […]