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A balance sheet describes an organization's whole financial position, including its assets and liabilities, at a particular point in time.
What are Financial Statements?
Financial statements are written records that outline a company's operations as well as its financial success. Government organizations, accounting firms, and other entities frequently audit financial statements to assure their accuracy and for reasons related to taxes, financing, or investment.
What is a balance sheet?
A balance sheet is a financial statement that lists the assets and liabilities of a corporation at a certain point in time. It is one of the three primary financial statements—the other two being the income statement and cash flow statement—that are used to assess a company's performance.
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