What is a statement of financial position (balance sheet)?

As amended by International Accounting Standard – IAS 1 (2007), issued by International Accounting Standards Board (IASB) on September 6, 2007, some terminologies in the preparation of financial statements are amended. These amendments include the change of the “balance sheet” term to “statement of financial position; “cash flow statement” to statement of cash flow” and [...]

What are Considered as Cash and Cash Equivalents?

CCE or Cash and Cash Equivalents refer to the liquidated assets that are declared on the balance sheet of the company. It is often reflected under the asset section of the sheet. In accordance to the company’s chart of accounts, Cash and Cash Equivalents are often the first account on the balance sheet. Cash and [...]