A balance sheet is also known as statement of financial position. It is a synopsis of the balance of a single proprietorship, a corporation or business related partnership. Liabilities, ownership equity and assets are listed as of a specified date, like the end of the financial year. Assets precede liabilities. Out of the three financial statements, balance sheet is the only one which applies to a single point in time in year. It may be described as the snapshot of a company’s financial condition. The balance sheet is easily understood by help of agents like the Balance Sheet Assignment Help.
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