Quick Tip For Accounting - Balance Sheet -1

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The balance sheet is a Snapshot: The numbers that are represented i a Balance Sheet only represent the financial position of the business at the exact point in time for which the Balance Sheet was prepared and no other. On any other date there might be more or less Assets and Liabilities, and thus Balance Sheet would look different.

Asset = Liabilities + Owner's Equity
Asset - Liabilities = Owner's Equity

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