George J. Kopsias began his career at the Chicago Mercantile Exchange and now works as an investment banker and accounting consultant. As a project-based accountant, he prepares financial statements such as balance sheets, which summarize a company's financial health at a given time. A balance sheet reports a company's assets, liabilities, and equity - assets are things of value owned, liabilities are debts owed, and equity is the amount held by owners or shareholders.

1. Components of the Balance Sheet
By: George J. Kopsias

2. Components of the Balance Sheet
DePaul University alumni George J. Kopsias began his career at the Chicago Mercantile
Exchange, where he provided quotes and fulfilled orders. Since that time, George J. Kopsias has
achieved success as an investment banker and project-based accounting consultant at various
Fortune 500 companies.

3. Components of the Balance Sheet
As a project based accountant, Mr. Kopsias provides general accounting services that range from
journal entry preparation and payroll to reconciliations and financial statement preparation.
Financial statements refer to records that summarize the financial health and business activities of
a company. Common statements include the income statement, cash flow statement, and balance
sheet report.

4. Components of the Balance Sheet
Balance sheets report what a company owns and what it owes at a specific point in time by
summarizing three elements; assets, liabilities, and equity. Assets refer to anything owned by the
company that has value, such as physical property, cash, investments, and even intellectual
property. Alternatively, liabilities refer to any obligations the company has. These include items
such as outstanding debt, rent payments, taxes, and payroll.

5. Components of the Balance Sheet
Last, equity is the amount held by owners or shareholders of the firm. Also known as capital or net
worth, equity refers to the amount left over if the company were to sell all its assets and pay off all
its debts.