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Free Printable Bookkeeping Sheets General Ledger Office Form Home Balance Sheet Depot Country Approach Budget Template

Worksheet Details

  • CategoryBalance Sheet.
  • TopicHome builder balance sheet.
  • AuthorTahlia Bancks
  • PostedTue, Jul 30th 2019 20:02 PM
  • Formatjpg/jpeg

The balance sheet, also called the statement of financial position, is the third general purpose financial statement prepared during the accounting cycle. It reports a company’s assets, liabilities, and equity at a single moment in time. You can think of it like a snapshot of what the business looked like on that day in time.

Unlike the income statement, the balance sheet does not report activities over a period of time. The balance sheet is essentially a picture a company’s recourses, debts, and ownership on a given day. This is why the balance sheet is sometimes considered less reliable or less telling of a company’s current financial performance than a profit and loss statement. Annual income statements look at performance over the course of 12 months, where as, the statement of financial position only focuses on the financial position of one day.

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