10. Acc 101 - Balance Sheet

May 01, 2026 03:07 · 5:05 · English · Whisper Turbo · 1 speakers
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0:12
S… Speaker 1 (10. Acc 101 - Balance Sheet)
Accountants prepare three different financial statements or financial report cards. The first one is called a balance sheet. On the left-hand side is where accountants keep track of a business's things and stuff. The things and stuff of your business are cash, you can spend it, accounts receivable, money owed to you by your customers, inventory, which is stuff you bought that you intend to resell,
0:41
S… Speaker 1 (10. Acc 101 - Balance Sheet)
And then there are the physical things and stuff like computers and vehicles and machinery and real estate, which are all combined into one category called property, plant, and equipment. Every business has some things and stuff that needs to be accounted for. What we don't know by looking only at the left-hand side of the balance sheet is whether you owe or you own your things and stuff. That's why there's a right-hand side.
1:10
S… Speaker 1 (10. Acc 101 - Balance Sheet)
In the top right-hand corner of the balance sheet is where accountants keep track of the money the business owes. You might owe money to your vendors or suppliers. That's called accounts payable. You might owe money to the government. That's called taxes payable. Or you could owe money to a lender or a bank. That's called notes payable.
1:32
S… Speaker 1 (10. Acc 101 - Balance Sheet)
If a business doesn't owe money for its things and stuff, then it must own its things and stuff. And in the lower right-hand corner of the balance sheet is where accountants keep track of what the business owns. Basically, there are three things that a business owns. It owns the investment made by the shareholders or the investors or the owners.
1:57
S… Speaker 1 (10. Acc 101 - Balance Sheet)
It owns the earnings or the profits the business has earned in the current time period, which is usually the current year to date. And a business owns the earnings from all the prior time periods or prior years which have been retained in the business. Earnings that are not retained in the business are distributed to the shareholders as a dividend or a distribution.
2:24
S… Speaker 1 (10. Acc 101 - Balance Sheet)
So the left-hand side of a balance sheet is comprised of things and stuff the business has, and the right-hand side of the balance sheet is what the business owes or what the business owns. In the language of accountants, your things and stuff are called assets. What you owe is called liabilities, and what you own is called equity, or in some countries, net assets. Now here's the key.
2:52
S… Speaker 1 (10. Acc 101 - Balance Sheet)
The left-hand side of the balance sheet always equals the right-hand side. It balances. In other words, things and stuff always equals what you owe plus what you own. Or said another way, things and stuff minus what you owe equals what you own. Check this out. If I show you this balance sheet, can you tell me how much the business owns?
3:22
S… Speaker 1 (10. Acc 101 - Balance Sheet)
If you said 40, then you understand the principle that assets always equal liabilities plus equity. 100 equals 60 plus 40. Now, let me make one very important point here. You'll notice that on the balance sheet in the upper left-hand corner is the word cash.
3:45
S… Speaker 1 (10. Acc 101 - Balance Sheet)
In the bottom of the balance sheet, in the lower right-hand corner, is the word earnings. Something for you to remember is this. Earnings are not the same as cash. You can have spectacular earnings or profits and no cash. Conversely, you could have a million-dollar loss and tons of cash. Stay tuned for more on this subject.
4:12
S… Speaker 1 (10. Acc 101 - Balance Sheet)
A balance sheet is different from the other two report cards prepared by your accountants. The balance sheet is a moment in time, like a snapshot, like something you'd take with a digital camera. A balance sheet reports the assets, liabilities, and equity of a business as of a specific moment in time. At the top of all balance sheets, it will always say,
4:41
S… Speaker 1 (10. Acc 101 - Balance Sheet)
as of and then give you a date a balance sheet might say as of december 31st 2010 or as of april 30th 2013

This transcript was generated by AI (automatic speech recognition). May contain errors — verify against the original audio for critical use. AI policy

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