What Is a Balance Sheet?

Answer

Luke Tanner
In the accounting and business world, a balance sheet, which is also known as the statement of financial position, is a summary of financial balances of a business partnership, sole proprietorship or of a company. A balance sheet can give you insight to the financial condition of business or company and is the only accounting statement that applies to a single point in time of a business' or company's calendar year.
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Ask.com Answer for: what is a balance sheet
balance sheet
NOUN [ACCOUNTING.]
1.
a tabular statement of both sides of a set of accounts in which the debit and credit balances add up as equal.
2.
a statement of the financial position of a business on a specified date.
Source: Dictionary.com
A balance sheet refers to a financial statement, which summarizes financial balances in a specific period of time. The three balance sheet segments which are assets, liabilities and shareholder's equity, give investors a general idea as to what the company possess and owes, and also the sum invested by the shareholders.
A balance sheet is a business accounts statement that shows the balance between the assets and the liabilities of the company. It is an important document as it represents the financial status of a company and offers information that is important to potential investors.
Balance sheets are financial statements which contain a list of businesses assets, liabilities and are used to keep track of the expenditures and financial status at any given time.
A balance sheet is a financial statement of the total assets and liabilities of an owner's business. It helps a business owner to handle his or her financial capabilities and strengths in a business. It is also used to monitor the company's finances and explain all the financial questions to the shareholders.
A balance sheet, which is a financial statement of accounts, contains total assets that include the fixed and current assets. It also contains total liabilities, which are long-term and current or short term liabilities. The balance sheet also contains a company's equity, which includes its share capital and share premiums.
A balance sheet is a summary of financial balances of company assets, sole proprietorship, or a business partnership. It indicates the financial position of that business as at a particular time. It has three parts which are assets, liabilities and ownership equities.
A balance sheet is a financial statement at a given point in time that provides a summary of what the business owns or is owed - assets - and what it owes - liabilities - at a particular date.
A balance sheet, also known as a 'statement of financial position', reveals a company's assets, liabilities and owners' equity (net worth).
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1. Understanding the purpose of a balance sheet. Balance sheets are created to help companies track assets and liabilities, and to provide a snapshot of the company's financial picture
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Assets = Liabilities + Equity is the Balance Sheets Equation.
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