Term of the Day Wednesday, December 17, 2014

balance sheet

Definition

A quantitative summary of a company's financial condition at a specific point in time, including assets, liabilities and net worth. The first part of a balance sheet shows all the productive assets a company owns, and the second part shows all the financing methods (such as liabilities and shareholders' equity). also called statement of condition.

See also: List of Key Accounting Terms and Definitions at InvestorGuide.com.

Use balance sheet in a sentence

To get an overall summary of the company's finances as of today I looked at the balance sheet.

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current debt accounting equation