Definition: A snapshot of a company’s financial condition expressed as a summary of a company’s assets, liabilities and ownership equity as of a specific date, such as the end of its fiscal year. 

See also: Financial Statements , Profit & Loss Statement, Cash Flow Statement .

Tips: Balance sheets are one of the three types of financial statements; the other two are a Profit & Loss Statement (also called Income Statement ) and a Cash Flow Statement. Comparing one balance sheet with another will show activity and change in a business.