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THE BALANCE SHEET
The balance sheet, which is also known as the statement of financial position, shows a summary of the businesses assets, liabilities and shareholders’ equity at a given time. In other terms, the balance is a snapshot of what a company owns and owes, and the amount invested by shareholders. The balance sheet can be split into three main sections and they are assets, liabilities and equity. The difference between the total value of assets and total value of liabilities equals to the equity of the business. Equity can also be known as net assets, net worth or capital. The structure of the balance sheet closely follows the layout and function of the accounting equation.

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DISCLAIMER
Our content is to be used as an EDUCATIONAL TOOL that aims to provide a foundation for individuals to learn financial accounting, management accounting and bookkeeping topics as practiced in the United Kingdom. As a result, not all complexities are shown or provided. Examples may include but are not limited to; differences between financial reporting, accounting standards or tax treatments. We are NOT ENGAGED in the providing of accounting, bookkeeping, financial, investment, tax, or other professional services. You should consult with a qualified or professional such as an accountant, business advisor, investment specialist, lawyer, solicitor, etc., with regards to specific facts and situations.

#balancesheet #statementoffinancialposition #financialstatements

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