What Is a Balance Sheet?


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.
9 Additional Answers
Ask.com Answer for: what is a balance sheet
balance sheet
a tabular statement of both sides of a set of accounts in which the debit and credit balances add up as equal.
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).
Q&A Related to "What Is a Balance Sheet"
Estimate the value of all your assets. Total up all your liabilities also known as debt. Figure out your equity by subtracting liabilities from assets. Put assets on left side of
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
1 Learn what assets are. Assets are valuable resources that a firm owns or controls. The simplified balance sheet shown in the example below includes four assets. Cash obviously has
Assets = Liabilities + Equity is the Balance Sheets Equation.
Explore this Topic
A balance sheet is generally used by a company to report their financial position at a given point in time. The first column on the balance sheet is the assets ...
The difference in a classified balance sheet and not classified balance sheet is a 'Classified' means balance sheet accounts are prepared & presented in specific ...
Knowing how to prepare a balance sheet is an important part of running a business. Preparing balance sheets are usually done by accounting professionals. You can ...
About -  Privacy -  AskEraser  -  Careers -  Ask Blog -  Mobile -  Help -  Feedback © 2014 Ask.com