balance sheet

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Related to Statement of Financial Position: balance sheet, income statement

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 ?
Tomsel Corporation must prepare and present at the reporting date an opening IFRS statement of financial position for the date of transition to IFRS, that is the beginning of business on January 1, 2010 (or, equivalently, close of business on December 31, 2009)
The location and fair value amounts (12a3) of derivative instruments reported in the statement of financial position.
Finally, for the most recent period for which a statement of financial position is presented, the NFP shall disclose the nature of each individual investment or group of investments that represents a significant concentration of market risk.
Retrospective application--the application of a different accounting principle to one or more previously issued financial statements, or to the statement of financial position at the beginning of the current period, as if that principle had always been used, or a change to financial statements of prior accounting periods to present the financial statements of a new reporting entity as if it had existed in those prior years.
Prior years' financial results will not be restated due to the immateriality of this issue to the results of operations and statement of financial position for the current year or any individual prior year.
The FASB believes that communicating useful information can best be achieved by requiring non-profit organizations to provide a Statement of Financial Position, a Statement of Activities and a Statement of Cash Flows.
This proposed Statement identifies the items that the Board has determined meet its conceptual definitions of the elements of a statement of financial position.
985) Tricolor Sport plc Consolidated Statement of Financial Position as
Calculation: the NCA turnover (a number) is derived by dividing the revenue shown on the company's income statement by the total figure for non-current assets on its statement of financial position.

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