What is a balance sheet?

[rajivkumar]

Hey everyone, I’m trying to get a clearer understanding of what a balance sheet actually is. I know it’s some kind of financial statement, but what exactly does it show and how is it used? If anyone can break it down in simple terms, I’d really appreciate it.

 

[jasminsain]

A balance sheet is a financial statement which indicates the financial position of a company at any particular given time. It is a summary of what the business has, the debts it owes as well as the equity of the owner of the business.

 

[inshya]

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholder equity at a specific point in time. It is based on the fundamental accounting equation: Assets = Liabilities + Equity. This statement provides a snapshot of a business's financial position, showing what it owns, what it owes, and the owners' stake.

 

[Grayson]

A balance sheet is a written statement showing the amount of money and property that a company has, and how much has been received and paid out.

 

[Rick_Grimes]

A balance sheet is a type of financial statement that displays the assets, liabilities, and equity of a business at a particular moment in time. In essence, it provides an overview of the company's assets, liabilities, and remaining value for the owners.

 

[Emly]

A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

 

[nikhilrajoria]

A balance sheet is a financial statement, which reports the assets, liabilities, and equity of a firm at some given moment reflecting the accounting equation (Assets = Liabilities + Equity). It provides the stakeholders with a report of the company financial standing and liquidity at that time.