What is a balance sheet and why is it prepared?
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A balance sheet is a picture of a company's net worth at a given time, such as the end of the year. It reflects the company's assets, liabilities and owner's equity. It's important to create and review this financial statement to track the growth (or contraction) of your business.
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A balance sheet is a statement which shows the assets and liabilities of a company at a particular period. It is prepared to know the financial position of the business. It is prepared at the end of the every financial year. It also shows the owner's fund.
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