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 present demonstration will only address recognition and measurement issues affecting the statement of financial position and the income statement, because the cash flow display options under IFRS are principally elective alternatives, not required differences.
The location and fair value amounts (12a3) of derivative instruments reported in the statement of financial position.
Additionally, the following must be disclosed for each period a statement of financial position is presented:
Discussed and approved the statement of financial position and income statement for the year ended 31st December 2012.
Net position is the residual of all other elements presented in a statement of financial position.
We have audited the accompanying statement of financial position of the Association for the Advancement of Artificial Intelligence (a California nonprofit corporation) as of December 31, 2007, and the related statements of activities, cash flows and functional expenses for the year then ended.
We have audited the accompanying statement of financial position of Music Library Association as of June 30, 2006, and the related statements of activities and cash flows for the year then ended.
Disclosures Related Primarily to the Statement of Financial Position (includes examples of investments, contributions receivable, other receivables, inventory and prepaid expenses, collections, fixed assets, liabilities and net assets)
First, not-for-profit organizations must issue financial statements that include a statement of financial position, a statement of activities, a statement of cash flows and accompanying notes to the financial statements.
GAAP, and the SEC rules and regulations, business enterprises must recognize, measure ad disclose information regarding equity items on the face of the statement of financial position, other specific statements, or in the notes to the financial statements.
This question provides candidates with a trial balance and several notes, usually between seven and 12 (depending on the detail), and requires them to prepare the key financial statements: the statement of comprehensive income, the statement of changes in equity and the statement of financial position.

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