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 ?
"The bottom line is that we have today a much cleaner, leaner and healthier balance sheet," said Robinson.
Although a central bank can directly change the size of its balance sheet through direct asset purchases, balance sheet size is not a monetary policy goal in itself with any direct implications for the real economy.
" This time they didn't send the draft balance sheet beforehand as per practice.
The addition of this property to your balance sheet will continue to solidify your association's future.
The aggregate balance sheet of wholesale banks stood at $115.2bn in March, a decline of 1.3pc over a balance sheet of $116.7bn at the end of December last year.
SAFE hired Dallas-based ALM First Financial Advisors to run the balance sheet analysis.
Open the Beginning Balance Sheet table and update the data in the Amount field.
One factor behind the slow recovery has been the weakness of household balance sheets. During the financial crisis, the values of real estate assets and financial assets plunged, lowering household net worth and raising leverage.
Some industry insiders will tell you that a formal balance sheet is no big deal.
Balance sheet lenders, also called portfolio lenders, include local savings and loan banks as well as life insurance companies.
This article will help CPAs responsible for completing balance sheet account reconciliations better understand the new importance of this process following the introduction of section 404.
"This was a great opportunity for GE to use our balance sheet on a very complicated structured finance transaction, while partnering with an established local developer that owns an exceptional history of success in this very competitive market," said Ed Coco, the senior managing director and national sales leader of GE Real Estate's North American Lending Division.