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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
They also recommend that all executory obligations be recognized on the face of the balance sheet.
The resultant damage to their balance sheets left companies with no choice but to reduce debt.
EY did not perform an audit on the financial information used in compiling the pro forma balance sheets,' it said.
Central Bank Balance Sheets Beginning of Year 2007 2008 2009 2010 Federal Reserve System ($) 874 894 2,266 2,237 Eurosystem ([euro]) 1,151 1,501 2,043 1,852 Bank of Japan ([yen]) 116 106 128 124 Bank of England (pounds sterling] 86 102 238 238 Beginning of Year 2011 2012 2013 2014 Federal Reserve System ($) 2,423 2,928 2,909 4,033 Eurosystem ([euro]) 2,004 2,736 3,018 2,285 Bank of Japan ([yen]) 127 141 158 223 Bank of England (pounds sterling] 247 290 410 402 Beginning of Year 2015 Multiple Federal Reserve System ($) 4,516 5.2 Eurosystem ([euro]) 2,158 1.9 Bank of Japan ([yen]) 305 2.6 Bank of England (pounds sterling] * 4.7 * Bank of England balance sheet as of September 24, 2014.
In that consideration, institutions should include in their analysis any investment portfolio restructure that better prepares balance sheets for the change.
A spokesperson for the central bank said, 'It's expected that the balance sheet assessments will conclude by the end of November.
Household balance sheets have been one factor behind these business cycle differences.
The balance sheets of every major Wall Street bank are just as fictitious.
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.
A balance sheet provides an essential picture of your practice's financial health, yet, amazingly, few physicians can make heads or tails of one.
</pre> <p>Points to remember about balance sheets
come Statements, Balance Sheets, and Current Earnings & Profits Schedules.