Balance Sheet
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Balance Sheet is a balance sheet report shows the business owners and managers how much owner's equity is in the business, how many assets the business owns, and what the business owes in liabilities. The balance sheet falls in line with the accounting equation.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Balance Sheet. A balance sheet report shows the business owners and managers how much owner's equity is in the business, how many assets the business owns, and what the business owes in liabilities. The balance sheet falls in line with the accounting equation.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
