What is a Balance Sheep? An accountant was telling me about a Balance Sheep but what is it?
Corporations - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Balance Sheet Financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a snapshot of a company's financial condition. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time. A company balance sheet has three parts: assets, liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity. Assets are followed by the liabilities. The difference between the assets and the liabilities is known as equity or the net assets or the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.
Answer 2 :
Tell him to talk properly Balance Sheet
Answer 3 :
It's when you have two sheep. One is heavier than the other so you have to work out how much to feed the other to make them balance. Very technical stuff and definitely not for beginners.
Answer 4 :
Now you know why you need an accountant.
Answer 5 :
Could it have been a balance sheet? Did you really misunderstand it that badly?
Answer 6 :
You must know what a balance beam is. You must know what a sheeps is - those wooly animals that eat grass. Put them together, train them for a bit, and you have a cheap animal act, for circuses that can't afford lion tamers or sea lions. And, if the act bombs, there is always mutton stew. Lions taste too gamy and sea lion are worse.
Answer 7 :
Balance sheet in financial accounting or statement of financial position is a summary of a person's or organisation's balances. Assets, liabilities and ownership equity are listed as of a specific date.
Read more other entries :
