APP: 014 Intro to Balance Sheet

In this particular episode, you will learn The Income Statement Podcast transcript: The balance sheet, also referred to as the statement of financial position, reports the financial position of a business at a point in time. Because the information is reported at a point in time, the balance sheet can be compared to a photograph. It is based upon the accounting equation and reports the assets, liabilities, and equity of the business. At all times Assets = Liabilities + Equity (A = L + E) on the...