research on the need of bank in ethiopia
Rift valley University College
Financial accounting
Group 13 Assignment-1
Prepared by:-
1.
2.
3.
4.
5.
Submitted to: - Instructor Tesfaye
Rift valley University College
Financial accounting
Group 8 Assignment 1
Prepared by: -
Meskerem H/micale
Submitted to: - Instructor
Balance sheet
Balance sheet reflects the financial position of the company at a specified date Such as at the end of fiscal year. The balance sheet lists accompany economic resources and the rights or claims of creditors and owner’s in those total resources at a specific time. It is often referred to as the statement of financial position or the statement of financial condition. The balance sheet focus on their owners or creditors of the business, It is a static financial statement since it presents the financial position of the firm at only one instant in time.
Format of balance sheet
The balance sheet provides economic information about an entity’s resource (assets), claims against those resource,(liabilities) and the remaining claim accruing to the owners(owners’ equity) statement of financial position is the formal term for the balance sheet. Equation form of balance sheet:-
Assets=Liabilities+ Owners’ equity
Report form and financial form the basic accounting identity can be rearranged to reflect the owner’s view point.
Asset-Liability= owner’s equity
Recording the value of the firm to the owner’s called owner’s equity is what remains after the liabilities are subtracted from the assets.
Classification of Balance sheet
Asset
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
1. Current asses: - It includes cash and other assets that are reasonably expected to be realized in cash, or to be sold or consumed during the normal operating cycle.
Cash and short-term investment
Receivables
Inventories
Financial accounting
Group 13 Assignment-1
Prepared by:-
1.
2.
3.
4.
5.
Submitted to: - Instructor Tesfaye
Rift valley University College
Financial accounting
Group 8 Assignment 1
Prepared by: -
Meskerem H/micale
Submitted to: - Instructor
Balance sheet
Balance sheet reflects the financial position of the company at a specified date Such as at the end of fiscal year. The balance sheet lists accompany economic resources and the rights or claims of creditors and owner’s in those total resources at a specific time. It is often referred to as the statement of financial position or the statement of financial condition. The balance sheet focus on their owners or creditors of the business, It is a static financial statement since it presents the financial position of the firm at only one instant in time.
Format of balance sheet
The balance sheet provides economic information about an entity’s resource (assets), claims against those resource,(liabilities) and the remaining claim accruing to the owners(owners’ equity) statement of financial position is the formal term for the balance sheet. Equation form of balance sheet:-
Assets=Liabilities+ Owners’ equity
Report form and financial form the basic accounting identity can be rearranged to reflect the owner’s view point.
Asset-Liability= owner’s equity
Recording the value of the firm to the owner’s called owner’s equity is what remains after the liabilities are subtracted from the assets.
Classification of Balance sheet
Asset
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
1. Current asses: - It includes cash and other assets that are reasonably expected to be realized in cash, or to be sold or consumed during the normal operating cycle.
Cash and short-term investment
Receivables
Inventories