2.1 Assets, liabilities and owner's equity & 2.2 The Balance Sheet & Questions
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Balance Sheet
an Accounting report that details the business's assets, liabilities and owner's equity at a particular point in time.
State three pieces of information that must be present in every Accounting report.
every Accounting report should have the title which states who it has been prepared for, what kind of report it is and when it was prepared.
Accounting equation
the rule that states that assets must always equal liabilities plus owner's equity.