balance sheet

Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia.

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 ?
Open the Pro Forma Balance Sheet report in Design View.
Bankers became predisposed to narrow the size of their balance sheets, because they knew investors and regulators use the balance sheet as an anchor in their assessment of risk.
During this meeting, I argued strongly that the Maastricht treaty should be amended to take account of such recessions so that the balance sheet problem in one country would be kept within its borders.
Regardless of the cost and effort involved in the reconciliation process, no other internal control is as capable of identifying misstatements in balance sheet accounts.
I believe the requirement for Balance Sheet and Income Statement requires U.
Its balance sheet assets and liabilities look the same as the second company's do, but its income statement is different from either Company A or B since the gain or loss on the swap is recorded directly in earnings.
The balance sheet is an important part of your financial picture, but it's only one piece.
Besides suggesting the extent of needed balance sheet restructuring by banks, this prolonged period of adjustment may also reflect the increased costs of financial intermediation resulting from recent banking legislation.
The dual perspective of the treasurer and controller is required in order to secure optimal balance sheet benefits.
After the Great Depression, the last and possibly the greatest balance sheet recession in history, American households and companies became so averse to borrowing that it took three full decades for U.