In other words, the balance sheet must balance. Subtracting liabilities from assets shows the net worth of the business A basic tenet of double-entry bookkeeping is that total assets (what a ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. The balance sheet, income statement, and cash flow ...

A written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow. The first ...

While you may consider a balance sheet to be an essential financial statement for a company, assessing your own personal assets, equity and wealth in a well-laid-out financial report is equally ...