BS - Sunday, June 10, 1984 - North Shore News Gi business BALANCE SHEET very investor really should have one namely, a PERSONAL BALANCE SHEET. Most people know what a budget and budgeting is. In- deed, many families and in- dividuals virtually live by a budget, benefitting from the discipline which it imposes on their spending and purchas- ing habits. A balance sheet can also be a very useful document. In general terms, without indulging in the technical language of the accountant, a budget serves as a weekly or monthly guide as to how much money is coming in and how much is going out. It’s a sound method of controlling your expenditures so that, ideally, you can save money Or increase your savings. The personal balance sheet (at least in the simplified form that I use it) tells me whether I can comfortably meet my financial obligations and how | am faring in the pursuit of financial security ing 12-month period. This is called a FISCAL year, as op- posed to a CALENDAR year. As indicated, under assets you list — with their values — your house and other real estate you may own, stocks and bonds, cash in the bank money talks by Bill Ryan and independence (which also spells peace of mind, in this traumatic day and age.) The balance sheet essen- tially consists of two lists: your current assets and your current liabilities. The term ‘‘current’’ covers a 12-month period, and not necessarily the 12 months of a calendar year. For example, current assets are made up of those things you own — a house, bonds, stocks, etc. — which can be converted to cash (sold) within the follow- Oil industry a THE PETROLEUM itn. dustry could make a significantly larger contribu- tion to the Canadian economy if energy policies are modified, says JC Phillips, Chairman of the Board of Gulf Canada Limited Speaking to the Annual Meeting of the Assocation of Consulting Engineers of Canada, Phillips said that the petroleum industry has been a hghtening rod, “bearing the brunt of policies that stemmed from the musings of a handful of theoreticians who believed that only they CGA winners KO MAN ft Vahe te Eo GA.) President of the Certified GCreneral Accoun tants Assocation of British Columbia. fecently anions cd othe recipients oof the nn OA Cirade Puclyve Caraduate Scholarships fos POMS The se hroharstipe tees premts ftom North Shere Se eordany Se troverds ate ae foothows Ttic Hreelaspstiiy cat caput aber bo PSO are awa Col ter sturche tits whee aee ermeta secre tbe dh ec adeae atresty rth aaa wooerrertrtipe rebatech pero etn alow EL ¢ abe eT NEE et rtd rats cv eebbeye BO FT Nore age ty ro ‘ oY proteome hatte | A \ erugte agyt \ a bo laa chic. Capilano Mat Barbecue & enter our Father's Day Celebration British Columbia offers a tull educabional program leadiny to the professronal accoun ting designation °C Gs A Ih isthe largest accounting bots in Bretosh Co obumbra wath more than 6 OOO mrentibers and students cmiploved in all areas oof fitrare ral mreatiagpe Ment ebustey poreerrenene Comme ree and pourbda. pr aie Tie € Appointment Notice Mle waited 1 Mdoorths “tavore- fiege eos Tighilie Pveecg ‘ Veery (or wherever you keep your savings), life insurance, household and personal ef- fects, your car or cars, ac- counts receivable (does anyone owe you money”), etc. Be honest — you are only fooling yourself if you put in- flated or optimistic values alongside each item. Use CURRENT MARKET VALUES. You should not have any difficulty listing your liabilities — they are those nagging obligations which cause you sleepless nights if you are a poor money manager. The list will include your mortgage, bank loans, liens, accounts payabie (do you owe money’), etc. The amount by which your current assets exceed your current liabilities is called WORKING CAPITAL. This, | emphasize, is the simplest of introductions to a personal balance sheet and its uses. If you are a ‘‘wheel’’ and deal! in ‘‘big numbers’’ see your accountant; your balance sheet — some call ita financial statement — will re- quire much more sophisticated attention than I have given to the subject. For the average investor, however, a simple balance sheet is probably adequate. Keep it up to date. Revise it particularly whenever you undertake an important financial transaction. There is more than per- sonal satisfaction in ‘‘track- ing’’ your march toward financial independence. A balance sheet is a necessity if you have to go your bank, credit union, trust company (whatever) for a loan; or an accountant or financial counsellor for assistance. lightening rod knew the way (o Canadian economic utopia "’ Citing a recent study com. missioned by the Canadian Petroleum Association, Phillips said that with a more attractive fiscal/pricing regime, the on! and gas sector of the industry could generate 300,000 additional permanent yobs by 1992, br ing about a real increase in 1992 GNP of two-and a half per cent, and achieve self suffirency an oil by the early 1990's Phillips outhned a number Of sipmilicant poly changes that would be required to tealize these opportunities anid derepulate move te Inarket and Priopag for onl thatuitatl pas clininmate Che discriminatory aspects of the pettobeuimi: on ceentive payments atid oon trodusc an caploration ae cn tive syste theat (re als med ALEXANDRA STEELE panies equitably - eliminate the back-in provi sion that allows the federal government to confiscate, retroactively, 25 per cent of discoveries, and change the current system whereby money that could be going to stimulate industry activity and thus jyob crea tion - 1s taxed away before the industry has a chance to reinvest it Stressing the need for for ming polrey sultation, through con not confrontation, Phillips said that tnaximizing Canada’s ccOonomie potential Us pomp to require that all ef ous not just the poly makers be able to raise out sights above the current frame of reference boos pong te require that all the players acknowledge past mistakes Pt S pounp ote reaaire | fat Sigbtedness ogetiriestty anich oa cert arte degree of hati gp sinntimnnnnal wa L PAGE | Know what's coming and going Investment Opportunity Own and lease Marine Cargo Containers. 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