Assets: Statement of Financial Position / Balance Sheet

Updated: Sep 2, 2019

Assets are shown at the beginning of the Statement of Financial Position/ Balance Sheet. Assets are resources that the entity owns (or effectively owns), to generate future economic benefit. Examples of assets are: cash, accounts receivable, inventories, properties, equipment, investments, etc..


We will dive further into detail about individual asset categories in later articles.


A sample Statement of Financial Position/ Balance Sheet highlighting the Asset elements, can be found below.


* In ASPE standards, there is no concept of Accumulated and Other Comprehensive Income, so this category will not exist.


Help improve this article

If you have feedback or questions, please leave a comment in the section below.

Sign Up!

Click our Sign Up button (top of page) to receive updates, additional exam prep information and to connect with our community.



Up Next: Liabilities ->

25 views

Recent Posts

See All

Analyzing Financial Issues

When analyzing financial case studies, always break them down into smaller issues, which can then be addressed individually. If you are writing your CPA Exams (CFE or others), exam time will be const

©2019 Eve Moore

Images from rawpixel.com

  • Facebook