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Common Groupings Found On A Balance Sheet​

October 11, 2016

Tax Question:

What are the most common groupings of Assets and Liabilities on a Balance Sheet?


The Balance Sheet is a barometer of the health of your business and it should be constantly reviewed to determine the current and financial stability of your corporation. During the next 12 weeks, we will be presenting a series of FAQ’s on individual sections of a Balance Sheet as follows:


  • Cash
  • Accounts Receivable
  • Inventory
  • Prepaids
  • Capital Assets


  • Accounts Payable
  • Government Taxes Payable
  • Deferred Revenue
  • Long Term Debt
  • Capital Leases
  • Shareholder Loans

If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.

Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.

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