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Balance sheet chart. The federal reserve the central bank of the united states provides the nation with a safe flexible and stable monetary and financial system. Real world economics review issue no. Causes cure and politics.

In financial accounting a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization whether it be a sole proprietorship a business partnership a corporation private limited company or other organization such as government or not for profit entity. Assets liabilities and ownership equity are listed as of a specific date such. Off balance sheet obs items is a term for assets or liabilities that do not appear on a companys balance sheet.

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Balance sheet reserves are required of insurance companies by law to guarantee that an insurance company is able to pay any claims losses or benefits promised to claimants. Although not recorded on the balance sheet they are still assets and liabilities. Balance sheet accounts are one of two types of general ledger accountsincome statement accounts make up the other typebalance sheet accounts are used to sort and store transactions involving assets liabilities and owners or stockholders equity.

Owners equity are the words used on the balance sheet when the company is a sole proprietorshipif the company is a corporation the words stockholders equity are used instead of owners equity.

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