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 ?
A spokesperson for the central bank said, 'It's expected that the balance sheet assessments will conclude by the end of November.
Yet the legislative financial-reform proposals still do not require that balance sheets reflect reality.
Germany, just like Japan after 1990, entered a balance sheet recession following the collapse of information technology and telecommunications share prices starting in 2000.
Most of the major credit rating agencies say that their models already adjust the reported balance sheets for the full value of the pension's projected benefit obligation (PBO) or accumulated benefit obligation (ABO) liability, and either some or all of the value of the retiree medical accumulated postretirement benefit obligation (APBO) liability.
The balance sheet is a listing of your practice's assets and claims against those assets at any given time.
A balance sheet represents a firm's financial position as of a certain date.
Gross deferred tax assets, after application of item 1, to be realized within one year of the balance sheet date, limited to 10% of adjusted statutory capital and surplus for the company's most recently filed statement (including quarterly statements);
Lenders and business appraisers look at the balance sheet to see how much your business is worth and how easily it can be liquidated in the event a debt falls into arrears.
When the economy began to exhibit recessionary behavior, businesses and households alike initiated efforts to reduce their debt burdens and strengthen their balance sheets.
The webinar is led by an expert at helping bankruptcy lawyers understand the legal and financial ramifications of balance sheets, Lisa Janicki (Partner, Jan Consulting Group LLP), and focuses on:
First, the majority of companies are still in the debt repayment mode, and two, those companies that finished repairing their balance sheets are not borrowing money.
The joint venture offers a fresh approach to healthier balance sheets and the ability for manufacturers to grow their business.