balance sheet

balance sheet
1. a tabular statement of both sides of a set of accounts in which the debit and credit balances add up as equal.
2. a statement of the financial position of a business on a specified date.
[1830-40]

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Financial statement that describes the resources under a company's control on a specified date and indicates where they have come from.

It consists of three major sections: assets (valuable rights owned by the company), liabilities (funds provided by outside lenders and other creditors), and the owners' equity. On the balance sheet, total assets must always equal total liabilities plus total owners' equity.

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Universalium. 2010.

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