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Application Of Financial Statements The Balance Sheet (Assignment 1 Week 8)

1340 words - 6 pages

Application of Financial Statements: The Balance Sheet

Tonesha Gadson

Strayer University

Financial Accounting (ACC 557)

Professor Mary Johnson

May 27th, 2012

Abstract

Many people may ask why Financial Accounting is needed and is so prevalent in the business world and in personal living. What is its importance and activities involved? Why is it so crucial in commerce performance and individual responsibilities? Most significantly, which financial statements are of great magnitude in work and life? To the point, financial accounting is the process of summarizing financial data taken from an organization's accounting records and publishing in the ...view middle of the document...

Assets, liabilities, and owners’ equity are recorded as of a specific date, such as the end of the individual’s or organizations’ financial year. The balance sheet shows what the organization or individual has (called Assets) and what they owe against those assets (known as Liabilities). The balance sheet presents a snapshot of a company’s financial position at a point in time (Weygandt/Kimmel/Kieso, 2010). The difference flanked by the assets and liabilities both show the net worth of the business organization or personal financial solidity. This net worth is vital in that it is a measurement of the time the organization/individual is expected to remain in financial authority and strength. The balance sheet also provides the organization/individual with information on how preeminent they are able to pay their debts and balances due. In this case, an example of my personal utilization of the balance sheet (classified) will itemize assets, liabilities, and net worth.

Tonesha Gadson
Personal Balance Sheet
May 31st, 2012
|Current Assets |Amount | |
| Cash | | |
| Checking Account |$1,000 | |
| Savings Account |$200 | |
| Investments | | |
| Certificates of Deposits (CDs) |$1,500 | |
| Retirement | | |
| 401(k) |$20,000 | |
| Real Estate (My Home Value) |$160,000 | |

| Other | | |
| Automobiles |$3,000 | |
| Jewelry/Antiques |$3,000 | |
|Total Assets $182,700 | | |
| | | |
|Current Liabilities | ...

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