What is a BALANCE SHEET?
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The Balance Sheet is a Financial Statement that gives us a 'snapshot' of a business' Assets, Liabilities and Equity at a point in time.
Assets go on the left. They represent the stuff that the business owns. On the right we have the stuff that a business owes: Liabilities and Equity. A business owes Liabilities to third parties and Equity back to its owners.
The Balance Sheet is also called the Statement of Financial Position.
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