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Assets and Liabilities in a Balance Sheet
Assets are defined as resources or things of value that are owned by a company. Some examples of assets which are obvious and will be reported on a company’s balance sheet include: cash, accounts receivable, inventory,investments, land, buildings, and equipment.
A liability is defined as a company’s legal financial debts or obligations that arise during the course of business operations. Liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses.
A balance sheet is a snapshot of how a business is performing at a given time. A balance sheet is also a summary of the financial balances of an organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
Consider the venture you have developed throughout this course. What are two types of assets and two types of liabilities that would be found in your new venture’s balance sheet and explain why your choices are important for your company.
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