balance sheet


balance sheet


: a statement that shows the financial condition of a company at a particular time by listing the amount of money and property that the company has and the amount of money it owes

Full Definition of BALANCE SHEET

:  a statement of financial condition at a given date

First Known Use of BALANCE SHEET

circa 1771

balance sheet

noun    (Concise Encyclopedia)

Financial statement that describes the resources under a company's control on a specified date and indicates where they have come from. It consists of three major sections: assets (valuable rights owned by the company), liabilities (funds provided by outside lenders and other creditors), and the owners' equity. On the balance sheet, total assets must always equal total liabilities plus total owners' equity.


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