Balance Sheets. The balance sheet shows an overall financial view, this can be helpful in purchasing decisions.
Makenzie Shurtz
Accounting 557
Week 8 Assignment 1
5/23/2012
Professor Brandy
Strayer University
Balance Sheet in Accounting
A balance sheet is used in our everyday lives in several ways and we don’t even realize it, but it is very important. The balance sheet shows an overall financial view, this can be helpful in purchasing decisions. Individual’s personal finances are put into perspective and are more manageable looking at this view. A personal balance sheet allows a person to see if they are over spending on credit compared to paying cash. A balance sheet is a financial statement that reports the assets, liabilities, and owner’s equity at a specific date. The balance sheet is a snap shot of the financial situation at a specific time. With the economy suffering so severely this important sheet is crucial to benefit us and see what changes may need to be made financially.