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Finance & Accounting
Pages 10 (2510 words)
BALANCE SHEET Table of Contents Table of Contents 2 1.Introduction 3 2.Balance Sheet Items 3 2.1Assets 4 2.1.1Fixed Assets 4 2.1.2Current Assets 6 2.2Liabilities 8 2.2.1Current Liabilities 9 2.2.2Long-term Liabilities 9 2.2.3Shareholders’ Funds 9 3.Dual Aspect of Balance Sheet 10 4.Application of Balance Sheet 10 5.Balance Sheet – A Comparison between US and UK System 11 6.Conclusion 12 References 13 1.
Balance sheets are generally prepared by a company at the end of its financial year. The balance sheets are presented in either horizontal or in vertical form. All the items present in the balance sheet of a company are discussed in details in this study. The dual aspect of balance sheet and the application of balance sheet have also been mentioned in this study. The users of balance sheets include the company managers to help them in analysing the financial conditions of the company, the investors and shareholders to help them in their decision making process regarding investment in the organisation and all other stakeholders of the company. With the increasing trend of globalisation most of the companies are trying to explore business opportunities in different parts of the world. As a result of this they need to comply with the regulatory requirements of different nations of the world. However with the advent of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), the accounting practices followed in different nations are converging to make the financial statements including balance sheets more comparable in nature. A comparison between the balance sheet formats followed by companies in US and UK has been discussed in this study. 2. ...
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