STORY TIME: How the Balance Sheet Got Its Name! 📚 The balance sheet is as *literal* as it gets. It’s based on an accounting equation that Assets = Liabilities + Equity. If that equation sounds like a foreign language, here’s a simpler explanation: Your balance sheet shows that what you have (assets) equals what you owe (liabilities) minus what you own (equity). Can your balance sheet ever be OUT of balance? Yep, if there’s an error in your ledger! Generally, using a double-entry accounting system helps keep your balance sheet clean. And hiring an accountant… that helps too! 😘 #accountantthings #charteredprofessionalaccountant #alohafrodaycpa #accountantforcreatives #balancesheet #numbersdontlie #accounting101