BALANCE SHEET

The balance sheet is an accounting statement that lists assets (what the company owns) and liabilities (what the company owes) at a given date (often the end of the year), as well as any gains or losses since the previous balance sheet. Balance sheet assets provide information on the company’s use of funds. Balance sheet liabilities give details of sources of financing, such as cash, borrowings or advances, as well as the composition of shareholders’ equity.