{"id":8430,"date":"2016-10-13T15:48:37","date_gmt":"2016-10-13T15:48:37","guid":{"rendered":"https:\/\/www.process.st\/templates\/balance-sheet-statement-preparation-checklist-2\/"},"modified":"2024-02-28T20:51:31","modified_gmt":"2024-02-28T20:51:31","slug":"balance-sheet-statement-preparation-checklist-2","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/balance-sheet-statement-preparation-checklist-2\/","title":{"rendered":"Balance Sheet Statement Preparation Checklist"},"content":{"rendered":"
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Getting started on the balance sheet <\/h2>\n
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The Balance Sheet, otherwise known as the Statement of Financial Position, discloses the financial condition of a company at the end of a period of time. It presents a<\/strong> summary of the business's assets, liabilities and stockholders' equity<\/strong> at a given point in time of operations.<\/p>\n

It reveals what the business owns, what it owes and what the owner has invested over a period of time.<\/p>\n

Procedures on how to go about the preparations of the balance sheet will be shown in detail as its components are explored in the next sections.<\/p>\n<\/p><\/div>\n

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You can read this article <\/a>for more information.<\/p>\n<\/p><\/div>\n<\/section>\n

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Know the balance sheet's basic accounting equation <\/h2>\n
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 The basic accounting equation<\/strong> is shown below:<\/p>\n<\/p><\/div>\n

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The above accounting equation shows that what a business owns is acquired through a combination of funding arising from both indebtedness(liabilities) and its own money (owner's equity). Hence, balance sheet basically comprises of the following components: Assets, Liabilities and Owner's Equity.<\/p>\n<\/p><\/div>\n<\/section>\n

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Create the header of the balance sheet <\/h2>\n
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Now you need to create the header of the balance sheet<\/strong>. Fill in <\/strong>the form fields<\/strong> below with the relevant information for ease of access.<\/p>\n<\/p><\/div>\n

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