Make a list of your personal assets and liabilities and try to organize them into an accounting

Question:

Make a list of your personal assets and liabilities and try to organize them into an accounting balance sheet format. As-sign values to the assets and the liabilities. Answer the following questions about your balance sheet:

a. How did you determine your equity in your assets?

b. How did you decide what amount to assign to each asset and liability?

c. Did you include your education among your assets? Why or why not? If your personal balance sheet was being prepared according to IFRS would your education be included as an asset? Explain.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...