Balance sheet

Uncommon card · No. 163977

In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, a private limited company or other organization such as a government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement that applies to a single point in time of a business's calendar year. A standard company balance sheet typically lists assets, then liabilities, then owner's equity. Assets and liabilities themselves are typically listed in order of liquidity – "current" items with a maturity of less than one year, and "long-term" items with a maturity greater than...

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