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 ?
If the borrowing company's balance-sheet accounts violate the loan covenants, two events occur: the firm may be in default under the terms of the loan and subject to accelerated repayment of the loan, and the firm may be precluded from any future loan advances.
economy in search of a framework more satisfactory than the "macroeconomic cycle as usual." We found what might be called a long-term "balance-sheet cycle," which points to a slow, halting economic recovery through the mid-1990s.
As does 96, the ED applies a balance-sheet approach, or liability method, to tax allocation.
Recessionary implications: The recessionary implications of these balance-sheet considerations are somewhat mixed, but probably negative on balance.
To some degree, it backed off from the very strong balance-sheet emphasis that initiated the project.