Statement of assets and liabilities

Assets – What you own

• Current
  • cash, bank accounts, short-term investments
  • amounts receivable (for example, a payment you will receive after the end of a fiscal period for goods or services that you have already delivered)
  • inventories
    
• Long term
  • long-term investments that will mature in one year or later (for example, stocks or bonds)
    
• Fixed
  • capital assets (for example, a building or equipment)

Liabilities – What you owe

• Current
  • accounts payable (for example, the purchase of goods or services that you will pay for after the end of a fiscal period)
  • deferred revenue (for example, a payment you received in advance for goods or services that you still have to deliver)
    
• Long-term
  • amounts you owe over periods of more than one year (for example, a mortgage)

Accumulated surplus or deficit

• the difference between assets and liabilities (if you have more assets, you have a surplus; if you have more liabilities, you have a deficit)

• based on current-year’s operations and amounts accumulated from previous years

Date modified:

2016-02-22