Financial Accounting



Financial Accounting

Balance Sheet

Balance sheet shows a comprehensive picture of the organization's overall financial happenings. A clean balance sheet indicates that the company has no significant debt during the statement period. A balance sheet is one of the most important parts of the accounting cycle. Bodies like Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have also declared it to be a very mandatory part of the financial reporting system. It provides a sort of a summary for the company's financial position. It is applied to a single point in time and gives a very concise idea of ...