Operations CPA Interview Questions and Answers

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It is divided into two sections: assets and liabilities + equity.

• Assets include cash, accounts receivable, inventory, property, and equipment.

• Liabilities include accounts payable, loans, and taxes owed.

• Equity includes retained earnings and stockholder's equity.

• The balance sheet equation is Assets = Liabilities + Equity.

• It is used to determine a company's f...read more