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On the Balance Sheet, Total Assets Must Always Equal Total

question 46

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On the balance sheet, total assets must always equal total liabilities. The amount remaining is what is used to finance the firm and includes equity and long-term debt.


Definitions:

Anal Stage

The second phase in Freud's psychosexual development theory, focusing on pleasure from controlling bladder and bowel movements.

Rebellious

Showing a desire to resist authority, control, or convention.

Destructive

Causing great and irreparable harm or damage.

Electra Complex

A psychoanalytic theory describing a girl's sense of competition with her mother for the affections of her father.

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