BALANCESHEET

Balance sheet

In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership, a corporation or other business organization, such as an LLC or an LLP. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business' calendar year.

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balance sheet

Noun

  1. : A summary of a person's or organization's assets, liabilities and equity as of a specific date.


The above text is a snippet from Wiktionary: balance sheet
and as such is available under the Creative Commons Attribution/Share-Alike License.

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