Balance Sheet discloses the
financial position of a business:
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A company's balance sheet, also known as a "statement of financial position," reveals the firm's assets, liabilities and owners' equity (net worth). The balance sheet, together with the income statement and cash flow statement, make up the cornerstone of any company's financial statements.
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The balance sheet discloses the financial position of a business.
- A balance sheet is a financial statement that illustrates a company's financial situation.
- After the creation of trading and profit and loss accounts, it reflects the business's assets and liabilities after the accounting period.
- ‘Not-for-Profit’ Balance Sheets are created by businesses to determine their financial situation.
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