A balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company.
It comprises assets, liabilities, and owners’ or stockholders’ equity. It is normally referred to as a snapshot of a business’ financial condition at a specific moment in time, usually at the close of an accounting period.
It is used by accountants, employees and other share and stake holders to assess the organizations position.
When you complete a Balance Sheet you will put the assets on the left side of the Balance Sheet and the liabilities on the right side of the Balance Sheet. That will make it easier to differentiate between the two. Below is a sample balance sheet form.
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