Balance sheet

Business Studies J.S.S 3 Second Term

WEEK 9

Balance sheet

Performance Objectives

 Students should be able to:

    1. Explain the meaning of the balance sheet.

    2. State the items in a balance sheet.

    3. State the uses of balance sheet.

    4. Classify assets into fixed and current.

    5. Distinguish capital from liabilities.

Content

Meaning of Balance Sheet

The balance sheet is the statement that shows the presentation of the summary of assets and liabilities in a well-arranged form so that financial position of an organization may be clearly ascertained at any given point of time. e.g it shows what a business owns, (asset) those it owes, (liabilities) and the net worth (capital).

Format of…