A balance sheet is simply the enumeration of the various assets of a business on one side of a ledger and the enumeration of various liabilities and {{U}} (61) {{/U}} accounts on the other side. The two sides must be equal, or balance. Only one further point should be {{U}} (62) {{/U}}: A balance sheet refers to a single point in time, for example, the close of business on December 31. Taken by itself, a balance sheet does not show {{U}} (63) {{/U}} over time. It is what economists call a stock concept, not a {{U}} (64) {{/U}} concept. That is, the balance sheet shows the stock of goods a firm has on hand at any particular instant and does not show the flow of goods through the firm over time. For this reason, a balance sheet does not show business {{U}} (65) {{/U}}, which are a flow. |
A balance sheet is simply the enumeration of the various assets of a business on one side of a ledger and the enumeration of various liabilities and {{U}} (61) {{/U}} accounts on the other side. The two sides must be equal, or balance. Only one further point should be {{U}} (62) {{/U}}: A balance sheet refers to a single point in time, for example, the close of business on December 31. Taken by itself, a balance sheet does not show {{U}} (63) {{/U}} over time. It is what economists call a stock concept, not a {{U}} (64) {{/U}} concept. That is, the balance sheet shows the stock of goods a firm has on hand at any particular instant and does not show the flow of goods through the firm over time. For this reason, a balance sheet does not show business {{U}} (65) {{/U}}, which are a flow. |
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