There are four basic accounting financial statements. These are income statement, state of owner’s equity, statement of cash flows and balance sheet. Balance sheet is an important financial statement. It is mainly referred to as the statement of financial position which reports the liabilities, assets and the stockholders’ equity. It records all the financial information at a specific given time. The net worth of a business is illustrated by balance sheet. Balance sheet represents the quantitative summary of the financial condition of the company at a given time which includes net worth, assets and the liabilities. In the first part of balance sheet, all the productive assets which a company owns are shown. In the second part of the balance sheet, all the financial methods are shown. These include the shareholder’s equity and liabilities. It is also called the statement of condition.
Balance sheet shows the worth of the business at a specific point in time. There are three parts in a balance sheet of any company including assets, liabilities and the capital or ownership equity. The main purpose of the financial balance sheet is to provide an idea about the financial position and what the company owns. The balance sheet is divided into two parts. It is based on the equation according to which, the parts must equal or balance each other. The equation is:
Assets = Liabilities + Shareholders’ Equity (Owner’s Equity)
For the investors, balance sheet is very important tool as it gives an insight of the company and operations of the company. Balance sheet is used to calculate the net worth of the business. There are two formats according to which the balance sheet can be presented. One is account format and other is report format. The report format of balance sheet is vertical one with the assets on the top and the liabilities and the owner’s equity at the bottom. The account format of the balance sheet goes from right to left with the assets on the right and liabilities and owner’s equity on the right. So, the balance sheet records the list of all the assets which a company owns. It also lists the debts which are owned by the company and the owner’s interest or the ownership share in the company. These formats are not mandated by any accounting standards. These are by customary usage. If the financial information is being presented for multiple periods, the vertical format of balance sheet is easy to use. Larger businesses often have long and complicated balance sheet. Balance sheet is simple in case of smaller businesses and individuals.
In personal balance sheet, the assets are listed. The current assets include cash in checking accounting and savings accounts. The long term assets include common stock and real estate. It also includes liabilities. The current liabilities include loan debt, mortgage debt due or overdue. The long term liabilities include mortgage and other types of loan debts. In balance sheets of small businesses, the list includes current assets (cash accounts receivable and inventory), fixed assets (land, buildings, equipment), intangible assets (patents), liabilities (warranties). These are listed in the footnotes of the balance sheet.
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