3. More on the balance sheet While this problem set has outined the most common balance sheet account types, you are bound to find many different arrangements when you look at different firms' balance sheets. For this reason and for simplicity, most finance courses and books work with slightly simplified balance sheets that focus on major accounts that are important to financial analysis. A simplified balance sheet is shown here: The focus in your finance course will not be on meticulous construction and classification of accounts and transactions. Rather, le wil assume that the BALANCE SHEET The focus in your finance course will not be on meticulous construction and classification of accounts and transactions. Rather, it will assurne that the accountants who constructed the statements have done a good job, and you will be instructed how to interpret the statements. Does the balance sheet shown above agree with or violate the fundamental accounting equation? Yes, it agrees with the fundamental accounting equatien. No, it violates the fundamental accounting equation