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Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 15.1 Chapter 15 Balance Sheet Frank Wood’s Business Accounting 1
Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 15.2 Learning objectives After finishing this chapter, you will be able to:  Explain the meanings of the terms non-current asset, current asset, current liability and non-current liability.  Describe the sequence in which each of the five main categories of items appear in the statement of financial position (balance sheet).  Draw up a statement of financial position from information given in a trial balance.
Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 15.3 Definition The statement of financial position is a list of balances arranged according to whether they are assets, capital or liabilities and so depict the financial situation on a specific date.
Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 14th Edition, © Pearson Education Limited 2018 Slide 15.4 The statement of financial position  The statement of financial position used to be called the balance sheet.  The statement of financial position contains details of assets, liabilities and capital – all those accounts with balances that were not included in the income statement.  The statement of financial position is not part of the double entry system.