The balance sheet is a snapshot at a single point in time of the company's accounts - covering its assets, liabilities and owners' equity. The purpose of the balance sheet is to give users an idea of the company's financial position along with displaying what the company owns and owes.
It concern with the preparation of financial statements based on GAAP and IFRS for any respective country. The main purpose is to ascertain financial information for the purpose planning, evaluation and decision-making, which ultimately helps an organization to meet the regulatory requirements.
A simple reference guide to help students learn the accounting equation, debit and credit rules, primary accounts, and financial statement relationship….all on just one page. An excellent teaching aid for accounting principles course instructors! I use this guide to help reinforce concepts presented throughout my accounting principles courses. Students really love this help sheet!