Question: In Chapter One, we learn about the balance sheet and the basic accounting equation: Assets = Liabilities + Equity. Review the LinkedIn Learning video below.

In Chapter One, we learn about the balance sheet and the basic accounting equation: Assets = Liabilities + Equity.

Review the LinkedIn Learning video below.  It will take you through an overview of the balance sheet.

Overview of the Balance Sheet [6:36]

After viewing the video clip, respond to the following:

  • Describe the three sections of the balance sheet.
  • Explain the three types of accounts that appear on the balance sheet.
  • Why must the balance sheet always be in balance?


 

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