The major reason that a balance sheet balances is the accounting principle of double entry. … See more

Assets are the first of three major categories on the balance sheet. Current assetsrepresent the value of all assets that can reasonably expect to be converted into cash withi… See more

Current liabilities are short-term liabilities that are due within one year and include: 1. Accounts payableare a short-term debt owed to suppliers. 2. Accrued expenses are expenses t… See more

'Retained earnings'is money held by a company to either reinvest in the business or pay down debt. 'Retained earnings' are also earnings that have not been paid t… See more