Define: Balance Sheet

UK Accounting Glossary

Definition: Balance Sheet


Quick Summary of Balance Sheet


A statement of the financial position of an entity showing assets, liabilities and ownership interest.


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What is the dictionary definition of Balance Sheet?

Dictionary Definition



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Full Definition of Balance Sheet


A financial report that summaries a company’s assets (what it owns), liabilities (what it owes) and owner or shareholder equity; at a given time.


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Examples of Balance Sheet in a sentence


Mercedes needed a strong balance sheet.

Draw up a balance sheet and profit and loss account for Google.

Companies need to focus on both sides of the balance sheet: spending and earning, debits and credits.


Balance Sheet FAQ's


What are the elements of a balance sheet?

The balance sheet consists of three major elements: assetsliabilities and the owners’ equity.

Does a balance sheet have to balance?

Yes, a balance sheet should always balance. The name “balance sheet” is based on the fact that assets will equal liabilities and shareholder’s equity every time.


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https://payrollheaven.com/define/balance-sheet/
Modern Language Association (MLA):
Balance Sheet. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 12, 2019 https://payrollheaven.com/define/balance-sheet/.
Chicago Manual of Style (CMS):
Balance Sheet. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/balance-sheet/ (accessed: November 12, 2019).
American Psychological Association (APA):
Balance Sheet. PayrollHeaven.com. Retrieved November 12, 2019, from PayrollHeaven.com website: https://payrollheaven.com/define/balance-sheet/

Definition Sources


Definitions for Balance Sheet are sourced/syndicated from:


This glossary post was last updated: 23rd December 2018.