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2. Balance sheet - Wikipedia

   en.wikipedia.org/wiki/Balance_sheet

   Individuals and small businesses tend to have simple balance sheets. [5] Larger businesses tend to have more complex balance sheets, and these are presented in the organization's annual report. [6] Large businesses also may prepare balance sheets for segments of their businesses. [7] A balance sheet is often presented alongside one for a ...

3. Single-entry bookkeeping - Wikipedia

   en.wikipedia.org/wiki/Single-entry_bookkeeping

   It can be simple and practical for those starting a small business. [2] Additionally, the IRS states: A single-entry system does not include equal debit and credit to the balance sheet and income statement accounts. It is not self-balancing. Arithmetic errors in the account totals are thus common.

4. Micro-enterprise - Wikipedia

   en.wikipedia.org/wiki/Micro-enterprise

   According to the Small Business Administration, a microenterprise or microbusiness is defined as a business with 1-9 employees. They are the most common type of business. As a subcategory of small businesses, with sales and assets valued at less than $250,000 per year, they generally have less than five employees, including the owner.

5. Asset - Wikipedia

   en.wikipedia.org/wiki/Asset

   The balance sheet of a firm records the monetary [2] value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. [1] Total assets can also be called the balance sheet total. Assets can be grouped into two major classes: tangible assets and intangible assets.

6. Financial statement - Wikipedia

   en.wikipedia.org/wiki/Financial_statement

   Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently." [2] Financial statements may be used by users for different purposes:

7. Accounting equation - Wikipedia

   en.wikipedia.org/wiki/Accounting_equation

   Since the balance sheet is founded on the principles of the accounting equation, this equation can also be said to be responsible for estimating the net worth of an entire company. The fundamental components of the accounting equation include the calculation of both company holdings and company debts; thus, it allows owners to gauge the total ...