A balance sheet in the context of Financial Planning and Wealth Management is a a snapshot of everything an individual or family owns at a given point in time. What basic equation is correct for determining Net Worth? Net Worth = Assets + Liabilities Net Worth = Assets + Liabilities - Shareholder's Equity Net Worth = Assets - Liabilities

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is