Discussion: Weeks 6 – Balance Sheet Answer

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Discussion: Weeks 6 – Balance Sheet

This week you learn about the balance sheet and statement of cash flows. Both documents are critically important to creditors and investors. The balance sheet provides the financial position of a company. It is a snapshot of the company’s health. 

What are the three basic elements of the balance sheet?

 

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Discussion: Weeks 6 – Balance Sheet Answer

The three basic elements of the balance sheet are assets, liabilities, and owners’ equity.

Assets – consists of all the economic resources being used by the entity to generate revenue. This includes cash, receivables, inventories, and plant and equipment.

This question is taken from Accounting 180 – Financial Analysis and Computations » Spring 2021 » Discussions