Statement of assets and liabilities

Assets – What you own

  • Current
    • cash, bank accounts, short-term investments
    • amounts receivable (for example, a payment you will receive after the end of a fiscal period for goods or services that you have already delivered)
    • inventories
  • Long term
    • long-term investments that will mature in one year or later (for example, stocks or bonds)
  • Fixed
    • capital assets (for example, a building or equipment)

Liabilities – What you owe

  • Current
    • accounts payable (for example, the purchase of goods or services that you will pay for after the end of a fiscal period)
    • deferred revenue (for example, a payment you received in advance for goods or services that you still have to deliver)
  • Long-term
    • amounts you owe over periods of more than one year (for example, a mortgage)

Accumulated surplus or deficit

  • the difference between assets and liabilities (if you have more assets, you have a surplus; if you have more liabilities, you have a deficit)

  • based on current-year’s operations and amounts accumulated from previous years
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