Why is BALANCE Sheet not an account?
Answers
Answer:
A balance sheet is also called a 'statement of financial position' because it provides a snapshot of your assets and liabilities - and therefore net worth - at a single point in time (unlike other financial statements, such as profit and loss reports, which give you information about your business over a period of time
Answer:
In financial accounting, a balance sheet or statement of financial position or statement of financial condition is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business' calendar year.