Tax Question:
What are the most common groupings of Asset and Liabilities on a Balance Sheet?
Discussion:
The Balance Sheet is a barometer of the health of your business and it should be constantly reviewed to determine the current and financial stability of your corporation. During the next 12 weeks, we will be presenting a series of FAQ’s on individual sections of a Balance Sheet as follows:
Assets:
- Cash
- Accounts Receivable
- Inventory
- Prepaids
- Capital Assets
Liabilities:
- Accounts Payable
- Government Taxes Payable
- Deferred Revenue
- Long Term Debt
- Capital Leases
- Shareholder Loans
Recommendation
If you have any questions about Balance Sheets or other financial statements, get in touch.
Grant has been in the CA business since 1988, starting his own practice in 1994. His tax expertise encompasses tax planning, international tax issues, and Scientific Research and Development tax credits. He is a graduate of the CICA In-Depth Tax Course and in 2012, Grant received the CA Community Service Award and the Scout Leader Medal.
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