accounting
balance sheet
A financial statement showing a company's assets, liabilities, and shareholders' equity at a specific point in time.
Example
"The company's balance sheet showed $10 million in assets and $7 million in liabilities."
💡 Memory Tip
A BALANCE sheet must BALANCE — assets always equal liabilities plus equity.
Etymology
Balance (equilibrium) + sheet (a page of accounts) — a page showing assets and liabilities in balance.
Common Misspellings
balance sheatbalance shetbalance shieetbalence sheet
Related Terms
See Also
assetsliabilitiesfinancial statement