2. Balance sheet Balance Sheet Roll your mouse over each balance sheet account to learn about it. Check Your Understanding If a firm buys materials on credit from a supplier, has been created. An obligation the firm is expected to meet within the next year is called The account Labeled represents an ownership stake in the company. A. firm's are the value of the firm's long-term assets (including property, plant, and equipment) minus the assets' True or False: If you add up all the depreciation expenses from each year of a firm's existence, that would equal accumulated depreciation. True False