Terms In Balance Sheet | Franklin I. Ogele

The balance sheet is one of the financial statements made by accountants. Following are the terms that are included in the balance sheet of each business:

1. Account Payable – Unpaid expense 

2. Account Receivable – Un received payments

3. Assets – Any monetary thing owned by the company

4. Equity – Value Of Asset Minus Liabilities 

5. Liability – Debts of the company 

6. Inventory – Remaining unsold asset purchases to sell.

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