Different Types of Balance Sheets Explained
A balance sheet presents the sources of money (Liabilities and Owners’ Equity) and the uses (Assets) of a business. In general, for public financial disclosers under standard accounting principles (like GAAP, IFRS) there is only one type of balance sheet. But companies whether they are private or public on the other hand, can establish various internal balance sheet based on their preferences. Management accountants generate internal financial records regularly, and are not regulated because the users are their management. There are many different types of balance sheets companies can pick from. The two key types ...Read More