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Assets and Liabilities in a Balance Sheet
Assets are defined as resources or things of value that are owned by a company. Some examples of assets which are obvious and will be reported on a company’s balance sheet include: cash, accounts receivable, inventory,investments, land, buildings, and equipment.
A liability is defined as a company’s legal financial debts or obligations that arise during the course of business operations. Liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses.
A balance sheet is a snapshot of how a business is performing at a given time. A balance sheet is also a summary of the financial balances of an organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
Consider the venture you have developed throughout this course. What are two types of assets and two types of liabilities that would be found in your new ventureâ€s balance sheet and explain why your choices are important for your company.
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