Accounting Dictionary - Accounting Terms & Definitions
A: Balance Sheet
Balance sheet is one of the three main financial statements. It reflects financial position of the business as of particular date.
Balance Sheet shows structure of the asset the business owns and structure of the financial means, how these assets are financed, i.e. Liabilities and Equity. This financial statement must reflect different categories of Assets (short-term and long-term), different categories of Liabilities (short-term and long-term) and part of Equity (share capital, retained earnings).
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