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U.S. GAAP Codification IFRS International Standards Accounting Topics

Balance Sheet

U.S. GAAP Codification IFRS Accounting Terms,  Accounting Jobs
Principles of Accounting Intermediate Accounting Advanced Accounting

Financial Statements Overview

Components of Balance Sheet
 
Total Assets = Total Liabilities + Total Stockholders' Equity
   -->  Accounting Equation

Total Assets
    = Current Assets + Investments + Property, Plant and Equipment
       + Intangible Assets + Other Non-Current Assets
Total Liabilities
    = Current Liabilities + Long-Term Liabilities
Total Stockholders' Equity
   = Contributed Capital + Retained Earnings - Treasury Stock
   = Common Stock + Preferred Stock + Additional Paid-in Capital
      + Retained Earnings - Treasury Stock
Ending Retained Earnings
   = Beginning Retained Earnings + Net Income - Dividends Declared
 
Assets, Liabilities and Stockholders' Equity
 
   Examples of Asset Accounts
   Examples of Liability Accounts
   Examples of Stockholders' Equity Accounts

   Components of Financial Statements

   Simplified Examples of Balance Sheet


An Example of Detailed Balance Sheet

Sample Technology Corporation
Balance Sheet
December 31, 2015

 

Assets

     
Current Assets      
   Cash      
   Marketable Securities      
   Accounts and Notes Receivable      
   Less:  Allowance for Doubtful Accounts      
   Inventories      
   Other Current Assets      
      Total Current Assets      
Investments      
   Long-Term Investments in Bonds      
Property, Plant, and Equipment      
   Land      
   Buildings      
   Less:  Accumulated Depreciation      
   Equipment      
   Less:  Accumulated Depreciation      
      Total Property, Plant, and Equipment      
Intangible Assets      
Other Noncurrent Assets      

Total Assets

     
       

Liabilities and Stockholders' Equity

     
Current Liabilities      
   Notes Payable      
   Accounts Payable      
   Income Taxes Payable      
   Accrued Expenses      
   Current Portion of Long-Term Debt      
      Total Current Liabilities      
Long-Term Liabilities      
   Long-Term Notes Payable      
   Long-Term Borrowings      
   Bonds Payable      
   Deferred Income Tax Liabilities      
      Total Long-Term Liabilities      

Total Liabilities

     
       
Contributed Capital      
   Preferred Stock, $5 par value (authorized 10,000 shares,
       issued and outstanding 7,000 shares)
     
   Common Stock, $2 par value (authorized 2,000,000 shares,
       issued 1,200,000 shares, outstanding 1,150,000 shares)
     
   Additional Paid-in Capital      
      Total Contributed Capital      
Retained Earnings      
      Total Contributed Capital and Retained Earnings      
Less:  Treasury Stock, at cost (50,000 shares)      
Total Stockholders' Equity      
       
Total Liabilities and Stockholders' Equity      




Review of Accounting Topics




Principles of Accounting:  

This section provides study guides for students in the principles of accounting courses or introduction to financial accounting courses. 

  
  
  




50 Questions on
   Accounting Journal Entries
   2012 Edition for iPhone and iPad
Create your own eBooks
   from iPhone and iPad
   (for iBooks and Kindle)


Accounting for General Users:  
 
A guide to accounting for users who are interested in understanding accounting reports.  This section explains what users need to know to understand and analyze accounting information provided in the financial statements.  No prerequisite is required to read this section.  

  
  

    Accounting is an information system.

    Users of accounting information

    Financial accounting for external users

    Managerial accounting for internal users

    Statement of Cash Flows provides information about the cash flow of a company.

    Cash flow from operating activities

    Cash flow from investing activities

    Cash flow from financing activities



Intermediate Accounting:  

This section provides study guides for students in the intermediate accounting courses.  Following topics are discussed in this section.

  
  
 

    Depreciation Methods

    Straight Line Depreciation

    Declining Balance Method

    Sum-of-the-years-digits Method

    Accounting for Bonds Payable

    Price of bonds payable

    Discount on bonds payable

    Premium on bonds payable

    Amortization of discount and premium

    Early extinguishment of debts


Advanced Accounting:  

This section provides study guides for students in the advanced accounting courses.  Following topics are discussed in this section. 

  
  


U.S. GAAP by Codification Topic
  
 105  GAAP Hierarchy 
 105  GAAP History 

 205  Presentation of Financial Statements 
 205-20 Discontinued Operations 
 210  Balance Sheet 
 210-20 Offsetting 
 220  Comprehensive Income 
 225  Income Statement 
 225-20 Extraordinary and Unusual Items 
 230  Statement of Cash Flows 
 250  Accounting Changes and Error Corrections 
 260  Earnings per Share 
 270  Interim Reporting
 
 310  Impairment of a Loan
 320  Investment Securities 
 320  Other-Than-Temporary Impairments, FSP FAS 115-2 
 320-10-05 Overview of Investments in Other Entities 
 320-10-35 Reclassification of Investments in Securities
 323-10 Equity Method Investments
 323-30 Investments in Partnerships and Joint Ventures 
 325-20 Cost Method Investments 
 330  Inventory

 340-20 Capitalized Advertising Costs 
 350-20 Goodwill 
 350-30 Intangibles Other than Goodwill 
 350-40 Internal-Use Software 
 350-50 Website Development Costs 
 360  Property, Plant and Equipment
 360-20 Real Estate Sales 
 
 410  Asset Retirement and Environmental Obligations 
 420  Exit or Disposal Cost Obligations 
 450  Contingencies 
 450-20 Loss Contingencies 
 450-30 Gain Contingencies
 480  Redeemable Financial Instruments 

 505-20 Stock Dividends, Stock Splits 
 505-30 Treasury Stock 

 605  SEC Staff Accounting Bulletin, Topic 13 
 605-25 Revenue Recognition - Multiple Element Arrangements 
 
 715-30 Defined Benefit Plans - Pension
 718  Share-Based Payment 
 730  Research and Development 
 730-20 Research and Development Arrangements 

 805  Business Combinations  
 810  Consolidation 
 810  Noncontrolling Interests 
 810  Consolidation of Variable Interest Entities, SFAS 167 
 
 815  Derivatives and Hedging Overview 

 820  Fair Value Measurements  
 820  Fair value when the markets are not active, FSP FAS 157-4
 825  Fair Value Option 

 830  Foreign Currency Matters 
 830-20 Foreign Currency Transactions 
 830-30 Translation of Financial Statements 
 835  Interest 
 835-20 Capitalization of Interest 
 835-30 Imputation of Interest 

 840  Leases 
 840-20 Operating Leases 
 840-30 Capital Leases 
 840-40 Sale-Leaseback Transactions
 845  Nonmonetary Transactions 

 855  Subsequent Events 
 860-20 Sale of Financial Assets, SFAS 166 
 860-50 Servicing Assets and Liabilities, SFAS 156 

 985-20 Costs of software to be sold  
 
International Financial Reporting Standards (IFRS)







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