Balance Sheet

Balance Sheet means:
a financial statement that gives an accounting picture of the property owned by a company or individual and of claims against that property on a specific date. The left (debit) side of a balance sheet lists assets; the right (credit) side shows liabilities and owners' equity. The two sides must be equal (balance). The balance sheet is like a snapshot of the company's or individual's position at one point in time.

U.S. and other Developed Countries International Tax Meaning

Statement of the financial position of a business as of a particular date. The statement will show the business's assets in one column and its liabilities and owner's equity in another column.

Description and Definition of Balance Sheet

A balance sheet is an itemized statement which lists the total assets and the total liabilities of a business to evidence company's financial health and net worth at a given moment in time. The amounts shown on a balance sheet are generally the historic cost of items and not their current values.

Resources

See Also

Further Reading

• Balance Sheet in the West's Tax Law Dictionary
• Balance Sheet in “A Dictionary of Taxation”