3 main sections of the balance sheet are:
Answer:
1. ownership equity
2. liabilities
3. assets
Answer:
Asset, liability and equity
Explanation:
There are 3 main sections in balance sheets;
1. Assets - have value because a business can use or exchange them to produce the services or products of the business. Assets mainly categorize into current and non-current.
2. Liabilities - are the debts owed by a business, often incurred to fund its operation, it results to a possible outflow in the future. Liabiities also divided into current and non-current portion, that depends on its maturity period.
3. Equity - represents retained earnings and funds contributed by its shareholders
