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What is Balance Sheet?
It is one of the most vital statements in the topic known as accountancy. A balance sheet that is properly done can provide relief from the amount of liabilities and asset of an individual or a firm. In accountancy, this is a very complicated subject and many students are found to experience issues in completing projects on the subject. Balance Sheet is the sole means of determining the liabilities and assets of an individual or a company. Naturally, it is a very essential topic that students need assistance on.
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Why Is It Important?
Balance sheet, in financial accounting, is actually a summary of the monetary balances in which ownership equity, assets and liabilities are listed along with a particular date. It is used quite commonly as a monetary statement which reflects the liabilities, assets and position of a particular company at the end of each financial year. The sheet is extremely important in determining the net worth of an individual or an organization and it helps in deciding the position of the subject in the specific industry that it is in.
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