what is a Balance sheet? why is it prepared ? what is the procedures preparing it?
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A balance sheet is a financial statement that communicates the so-called “book value” of an organization, as calculated by subtracting all of the company's liabilities and shareholder equity from its total assets.
Explanation:
The balance sheet is prepared in order to report an organization's financial position at the end of an accounting period, such as midnight on December 31. A corporation's balance sheet reports its: Assets (resources that were acquired in past transactions) Liabilities (obligations and customer deposits)
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