Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Broadening Your Perspective - Critical Thinking: BYP1-7

Answer

Assets = Liabilities + Stock holder's equity

Work Step by Step

The balance sheet is a financial statement which reports asserts and claims to assert at a specific point in time. As the name indicates, assets must balance (equal to) the claims. It has been derived from the basic accounting equation.
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