Term of the Day balance sheet

Term of the Day

balance sheet

A quantitative summary of a company’s financial condition at a specific point in time, including assetsliabilities 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.

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