What information does a balance sheet provide?
Not what you're looking for?
What information does a balance sheet provide? How do accounting conventions and asset valuation affect measuring and reporting financial position? (Chapter 2)
Reference:
Atrill, P. & McLaney, E. (2008). Accounting and Finance for Non-Specialists.
6th ed. Harlow, England: FT Prentice Hall
Purchase this Solution
Solution Summary
What information a balance sheet provides is determined. The asset valuation affect measuring and reporting financial positions is given.
Solution Preview
QUESTION
What information does a balance sheet provide? How do accounting conventions and asset valuation affect measuring and reporting financial position?
TUTORIAL
A balance sheet is an accounting statement, prepared at a certain date, which provides information on the assets, liabilities and owners equity of a firm.
The balance sheet provides information about the assets invested into a firm. The valuation, of the assets, typically follows the conservationism principle. This principle requires that items are value at lower of cost or market value. Assets are broadly categorised into two: current and fixed assets. This break down, of assets into categories is to obey the requirements under ...
Education
- B. Sc., University of Nigeria
- M. Sc., London South Bank University
Recent Feedback
- "Thank you."
- "thank you Chidi Ngene.. if you have any APA references would be great"
- "Thank you so much for your help, your explanations were easy to understand and apply!"
- "are you able to highlight the equations used either on the xlsx or a word doc as to how each graph was formed- overall looks fine i just need help understanding this myself"
- "Chidi Ngene, M. Sc. Was extremely helpful as without the help and guidance I would have failed, but with the help I passed. I still have a lot to learn and in need of the guidance to understand and learn more on the subject. I would recommend Chidi Ngene and BrainMass to anyone that are in need of help. Thank you!!"
Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.