Balance sheet Accounting history

Accounting is my life. Stop by some time and I'll tell you why."

Did you know? In 1868 the modern balance sheet was created in the form that we use today. The income statement would not be created until just prior to World War II. The first large U.S. Accounting firm Haskins $ Sells begin in 1895. The accounting profession exploded around 1900 with hundreds of accounting firms springin up across the United States.

Some accountants get their first glimpse of the balance sheet during their first accounting class in college. The balance sheet is also referred to as the statement of financial position. It is one of the major financial statements because it offers a way to look inside your business and outline what it is really worth, at a specific point in time. If you should ever decide seek a partner for your business, they will ask to review your balance sheet to get an idea of the company's financial condition. There are three key things a balance sheet includes:

• Revenue
• Expenses
• Ownership (what does the business own)

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