What is the statement of financial position?
The statement of financial position is another name for the balance sheet. It is one of the main Read more

What is the meaning of net assets?
Net assets is defined as total assets minus total liabilities. In a sole proprietorship the amount of net Read more

What is accounting?
Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting Read more

1. Balance Sheet
Let’s see how the basic accounting principles and guidelines affect the balance sheet of Mary’s Design Service, a sole proprietorship owned by Read more