What is Balance Sheet/Statement of Financial Position

Balance sheet is the statement of financial position of a company. It depicts the financial position (sound or weak) of a company on a specific date. The basic concept involved in balance sheet is that the assets are equal to outside liabilities and owners’ equity....

What is Balance Sheet

Every business entity prepares a balance sheet at the end of each year, and most of the companies prepare at the end of the month. The purpose of balance sheet is to give a clear picture of financial position of a business or entity. Balance sheet consists of the...