The Balance Sheet
A balance sheet is an overview of the assets, liabilities and capital resources of a company.
The balance sheet represents the formal conclusion of a business period from the accounting point of view. It shows how a company has provided for financing (source of funds) and the purposes for which these funds have been employed. This comparison of assets and liabilities allows for an assessment of a company’s financial health and provides information on current earnings as well as other general aspects.
The balance sheet gives a measure of economic yield on a retrospective basis based on a given date. A profit and loss statement, on the other hand, is drafted in respect of a given period of time.
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