I thought the standard require the balance sheet prepare as asset - liabilities = equity?
or older format: fixed asset + current assets - current liabilities = equity + long term liabilities
but quickbooks only produce the format as asset = equity + liabilities..what standard is that?
I have to admit, the world has changed and I never noticed that.
When the time I study accounting, (according to Frank Wood's Business Accounting) the format of balance sheet is always follow the order of:
Fixed Assets
+)Current Assets
-)Current Liabilities
(Total A)
Equity
+)Long term Liabilities
(Total B)
and, of course Total A = Total B
Since when, the format now become asset = equity + liabilities?
or older format: fixed asset + current assets - current liabilities = equity + long term liabilities
but quickbooks only produce the format as asset = equity + liabilities..what standard is that?
I have to admit, the world has changed and I never noticed that.
When the time I study accounting, (according to Frank Wood's Business Accounting) the format of balance sheet is always follow the order of:
Fixed Assets
+)Current Assets
-)Current Liabilities
(Total A)
Equity
+)Long term Liabilities
(Total B)
and, of course Total A = Total B
Since when, the format now become asset = equity + liabilities?