Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. As the name implies, a balance sheet should reveal ...

Stakeholders in a business need a way to conveniently assess the financial position of the firm. The balance sheet is a document designed to do just that. It provides a concise summary of everything a ...

Your balance sheet lists your company's assets, liabilities and equity; it is sometimes called your statement of net worth. A classified balance sheet is merely one that has been arranged so that key ...

A balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and shareholder's equity. A balance sheet is a type of financial statement. It gives you an ...

A liability is a financial obligation or debt owed. Liabilities are key elements on every company’s balance sheet, and therefore, important to stock and bond investors. Learn more. In finance and ...

A financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business. A basic tenet of double-entry ...

Your balance sheet is the financial statement that tells you what you own and what you owe. The balance sheet lists out your assets – cash, receivables, inventory, equipment; your liabilities – ...

Now let's take a closer look to see how strong this balance sheet is by analyzing it with some common balance sheet ratios. There are about a half-dozen different ratios we can use to determine a ...