Balance Sheet
A balance sheet is a financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of what it owns and owes.
The balance sheet follows the equation: Assets = Liabilities + Equity. It's one of the three main financial statements, alongside the income statement and cash flow statement. It includes items like deferred revenue and prepaid expenses and is used to assess working capital.
Related Terms
Ledger
A ledger is a book or digital record containing all financial transactions of a business, organized ...
Debit
In banking, a debit is a transaction that decreases the balance in your account. On your bank statem...
Credit
In banking, a credit is a transaction that increases the balance in your account. On your bank state...
Reconciliation
Reconciliation is the process of comparing two sets of records to ensure they match - typically comp...
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