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BALANCE SHEETS

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by

Barbara Kunshek

on 11 August 2014

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Transcript of BALANCE SHEETS

GOAL!
BALANCE SHEETS
Trine University
Balance Sheet
Basic Definitions - SFAC No. 6

Basic Definitions - SFAC No. 6
Assets
P
robable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events
.

Liabilities
Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities as a result of past transactions or events.

Owners’ Equity
The residual interest in the assets of an entity that remains after its liabilities are deducted.

Balance Sheet
Basic Definitions - SFAC No. 6

Shareholders’ Equity
Liabilities
Assets
Full transcript