TopicSimple income statement and balance sheet template.
PostedWed, Aug 21st 2019 23:51 PM
A balance sheet helps individuals and business owners understand where their finances stand during a specific time period. A person reading a balance sheet can learn a lot about a business and its viability.
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.