Intro to Business › Section N · Financial information and accounting › Topic N.3
The balance sheet
The balance sheet is a photograph of a business on one date: what it owns, what it owes, and what belongs to its owners. Lenders, suppliers and investors read it first when they want to know whether a firm is on solid ground.
In this topic
- A snapshot, not a film
- Order of liquidity
- Current assets
- Fixed assets and depreciation
- Intangible assets
- Liabilities
- Owners' equity
- Worked example: Kestrel's balance sheet
- Worked example: book value and goodwill
- Common mistakes to avoid
- Key takeaways
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