Question

balance sheet may be described as as​

Answer 1

Answer:

The balance sheet displays the company's total assets, and how these assets are financed, through either debt or equity. It can also be referred to as a statement of net worth, or a statement of financial position.

Explanation:

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Answer 2

ANSWER :

A Balance Sheet is also known as "Statement of Financial Position" or "Position Statement".

• It is because Balance Sheet is the statement which shows the position of Assets and Liabilities of an entity on a particular date.

Again, a Balance Sheet may be described or termed as Second Trial Balance on account of some similarities between the two.

• Both the Balance Sheet and Trial Balance are statements.

• Both the statements prepared on a particular date.

• Both the statement contains balances of ledger accounts.

• Like Trial Balance, agreements of a Balance Sheet also proves that the books are arithmetically correct.