Balance Sheet

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.