What Does The Term Balance Sheet Mean?


2 Answers

Anonymous Profile
Anonymous answered
I think it means that you own the bank money
Lakshmipriya Nair Profile
Balance sheet is a term often used in bookkeeping and accounting. It is used to refer to the financial report that is submitted at regular points of time. A balance sheet contains a summary about all the assets, liabilities and net worth of the company in question and its financial condition at that point of time.

Thus it is also known as the statement of condition. Thus it is the total book value of a business or an organization. It is also often known as the snapshot of a company's fiscal condition. A modern balance sheet has three parts and they are assets, liabilities and shareholders' equity. Every business needs a balance sheet to keep a track of its financial condition and maintain its records.

Answer Question