A balance sheet is simply a statement of debits and credits. It is a statement that shows the assets and liabilities of a company at a given period of time. This is a very important financial statement used to ascertain the financial position of a company or an entity at each point in time. It is unlike an income statement which takes a look at the financial activity of an entity over an interval of time. A balance sheet consists of three important sections which include the assets, liabilities and net worth or equity.
Balance Sheet Templates