Balance sheet is a financial statement which records Assets
and liabilities of the business. It shows the Financial position of the
business for a specific period. The financial reports show the two sides of the
financial situation (i.e) what it owns (Assets) and
what is owes (Liabilities). Both the sides of a Balance sheet should be
balanced. It is used by Accountant, Auditors, Investors etc for various
purposes. It is prepared in quarterly, half yearly and yearly basis.
Here is an example of Balance sheet:
No comments:
Post a Comment