balance sheet

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Balance Sheet

A comprehensive financial statement that is a summarized assessment of a company's accounts specifying its assets and liabilities. A report, usually prepared by independent auditors or accountants, which includes a full and complete statement of all receipts and disbursements of a particular business. A review that shows a general balance or summation of all accounts without showing the particular items that make up the several accounts.

balance sheet

n. the statement of the assets and the liabilities (amounts owed) of a business at a particular time usually prepared each month, quarter of a year, annually, or upon sale of the business. It is intended to show the over-all condition of the business. A balance sheet should not be confused with a profit and loss statement, which is an indicator of the current activity and health of the business.

See: budget, ledger, register

balance sheet

a statutory account required by the Companies Acts. The function of a balance sheet (sometimes called a position statement) is to show the financial position of a business at a given date. This is done by showing the assets of the business, its debts and liabilities, and the equity of the owners. It may be subject to audit.

BALANCE SHEET. A statement made by merchants and others to show the true state of a particular business. A balance sheet should exhibit all the balances of debits and credits, also the value of merchandize, and the result of the whole. Vide Bilan.

References in periodicals archive ?
We are moving toward an era in which the income statement reflects not only the operating results, but also changes in balance-sheet accounts.
Balance-sheet strength measures the exposure of a company's surplus to its operating and financial practices.
In determining a company's ability to meet its current and ongoing obligations to policyholders, the most important area to evaluate is its balance-sheet strength.
Financial institutions of all types use IPS-Sendero products and services to help manage balance-sheet risk, measure profitability, develop budgets and forecasts, and produce information needed for sound decision-making.
Over time it is expected to lead to a change in attitude to pricing and facilitate an improvement in operating performance and provide greater flexibility in balance-sheet funding.