Question
In Chapter One, we learn about the balance sheet and the basic accounting equation: Assets = Liabilities + Equity. Review the LinkedIn Learning video below.
In Chapter One, we learn about the balance sheet and the basic accounting equation: Assets = Liabilities + Equity.
Review the LinkedIn Learning video below. It will take you through an overview of the balance sheet.
Overview of the Balance Sheet [6:36]
After viewing the video clip, respond to the following:
- Describe the three sections of the balance sheet.
- Explain the three types of accounts that appear on the balance sheet.
- Why must the balance sheet always be in balance?
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Financial Accounting and Reporting a Global Perspective
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
4th edition
978-1408066621, 1408066629, 1408076861, 978-1408076866
