Balance sheet
A financial statement that reports the assets, liabilities, and owner’s equities of a company at one point in time, usually the end of the company’s fiscal year or quarter (as contrasted with the income statement which reports the company’s earnings over a period of time). The balance sheet’s 3 main parts are given by the accounting equation:
Assets = Liabilities + Owners’ Equity
Assets are usually listed on the left (or top), while liabilities and owner’s equities appear at the right (or bottom). The term "balance" means that a company’s assets must equal (balance) the sum of its liabilities and owner’s equities.
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