The balance sheet provides a snapshot of the firm’s assets and liabilities.

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• A statement of the stocks of a country’s foreign assets and foreign liabilities at a point in time represents the country’s:
• An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its li
• Enterprise should recognize contingent liabilities and contingent assets.
• Financial liabilities should only be derecognized when the obligation specified in the contract is discharged, cancelled or expi
• There are three Elements in balance sheet, namely assets, liabilities and owner’s equity.