After all, famously, if you have $101.11 on one side of the balance sheet, you’ll have $101.11 on the other. That is an absolute truth. This 100% exact mirroring sets the tone.
But is accounting really precise?
On the way to coming up with the symmetrical numbers of the balance sheet, there's a whole lot of estimation and subjectivity.
For example, to decide what an asset is worth, should we refer to what we paid for it, what we could sell it for, what two reasonable people think it’s worth, what the market thinks it’s worth, or perhaps the cash that will flow from it? Some might arrive at larger numbers, others smaller.
There's no single truth and you might say it's an informed guessing game.
Like asking how long is a piece of string, the closest you'll come to a truly precise answer is: "Twice as long as half its length."