Modual 3 ACC201

Module 3 - Home

Balance Sheet

Modular Learning Outcomes

Upon successful completion of this module, the student will be able to satisfy the following outcomes:

•Case ◦The student should be able to apply balance sheet related concepts.

•SLP ◦The student should be able to prepare a simple balance sheet.

•Discussion ◦The student should be able to identify the role of the CPA.

Module Overview

The income statement reviewed during the past module is like a scorecard. It is also important to have information about the “wealth” of the organization. You find this information on the balance sheet.

The main purpose of this module is to examine the balance sheet in more detail. The balance sheet shows all assets, liabilities and equity of an entity and is an important snapshot of the organization's financial position. This statement is also referred to as a statement of financial position.