Jul 26, 2018 · Definition of Balance Sheet. A Balance sheet is a clear view of the assets, liabilities and equity of the company. This statement is prepared by every company, sole proprietorship concern or a partnership firm. It discloses the financial stability of the entity. There are two heads in a Balance Sheet, assets, and equity & liability. Get an answer for 'please give me a formula to find current liabilities, grade 9 accounting, balance sheet' and find homework help for other Business questions at eNotes

The Financial Accounting Standards Board has issued a series of generally accepted accounting principles, or GAAP, that guide the classification and presentation of financial statement items. Future loan interest does not appear on the balance sheet, while principal balances are classified according to when they are due. ACCOUNTING SCHOLAR.COM – GENERAL ACCOUNTING CHEAT SHEET© This sheet is not for unauthorized distribution. Table of Contents 1. Balance Sheet & Assets, Liabilities & Shareholder’s Equity (Pages 2 and 3)