Systematic organization of everything “owned” and “owed” Assets = liabilities + owner equity Owner equity = assets liabilities Can complete at any time, but most prepared at end of accounting period Provides measures of solvency and liquidity
Systematic organization of everything “owned” and “owed”Assets = liabilities + owner equityOwner equity = assets liabilitiesCan complete at any time, but most prepared at end of accounting periodProvides measures of solvency and liquidity