6. Balance Sheet (BS)
Overview: The balance sheet - also called the Statement of Financial Position - serves as a snapshot, providing the most comprehensive picture of an organization's financial situation. It reports on an organization's assets (what is owned) and liabilities (what is owed).
The balance sheet is also referred to as the statement of financial position or the statement of financial condition.
Accounting (ACCTG) | Penn State.
Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization.
Balance Sheet (also known as statement of financial condition or statement of financial position): An itemized financial statement that lists assets, liabilities, and equity.
Your balance sheet (sometimes called a statement of financial position) provides a snapshot of your practice's financial status at a particular point in time. This financial statement details your assets, liabilities and equity, as of a particular date.
“Bal.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/bal.
The balance sheet displays the company's total assets and how the assets are financed, either through either debt or equity. It can also be referred to as a statement of net worth or a statement of financial position.
A balance sheet is a financial statement that contains details of a company's assets or liabilities at a specific point in time. It is one of the three core financial statements (income statement and cash flow statement being the other two) used for evaluating the performance of a business.
In finance, the color red has several negative connotations that generally revolve around losing money. "Red" can denote a negative balance on a company's financial statement or an individual's bank account. It can also signify unfruitful investments, as well as unfavorable regulations governing businesses.
Assets = Liabilities + Owner's Equity
Assets go on one side, liabilities plus equity go on the other. The two sides must balance—hence the name “balance sheet.”
Balance sheet accounts are also referred to as permanent or real accounts because at the end of the accounting year the balances in these accounts are not closed. Instead, the ending balances will be carried forward to become the beginning balances in the next accounting year.
The balance sheet includes information about a company's assets and liabilities, and the shareholders' equity that results. These things might include short-term assets, such as cash and accounts receivable, inventories, or long-term assets such as property, plant, and equipment (PP&E).
The Yin Yang symbol is a visual representation of the Taoist philosophy of balance and harmony between opposing forces and the idea that these forces are interconnected and in a constant state of flux.
Bronchoalveolar lavage (BAL) is a procedure that is sometimes done during a bronchoscopy. It's done to collect a sample from your lungs. It is also called bronchoalveolar washing. During the procedure, a saline solution is put through the bronchoscope to wash your airways and capture a fluid sample.
a state of equilibrium or equipoise; equal distribution of weight, amount, etc. something used to produce equilibrium; counterpoise. mental steadiness or emotional stability; habit of calm behavior, judgment, etc. Synonyms: composure, poise.
Balance Sheets (BS) are documents summarizing a company's current financial situation, including profit/loss, what it owes, and the equity of shareholders, owners, or other investors.
The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.
In case of Public Limited company, the financials will be available online on the company's web page usually in Investor Relations section. For Private Limited companies such records are not publicly available but they can be downloaded from MCA website by paying a small fee of Rs.
The term balance sheet refers to a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time. Balance sheets provide the basis for computing rates of return for investors and evaluating a company's capital structure.
Journal Entry (JE)
Following are the three golden rules of accounting: Debit What Comes In, Credit What Goes Out. Debit the Receiver, Credit the Giver. Debit All Expenses and Losses, Credit all Incomes and Gains.