Balance sheet

An accounting document which provides a snapshot of the financial picture of a business on a given day. One side of the balance sheet lists the assets, moving from most liquid (cash) to least liquid (plant and equipment or goodwill ( The other side of the balance sheet lists liabilities in order of immediacy. In a company’s balance sheet, the assets must equal the liabilities plus shareholders’ equity. The balance sheet, along with the profit and loss account (, is an important tool for analysing the financial health of a company.

For further details, see Practice note, Balance sheet, profit and loss account and notes to the accounts ( .

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