ENTREPRENEURSHIP

Detailed explanation-1: -In short, the balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders.

Detailed explanation-2: -A balance sheet is a financial statement that provides a snapshot of what a business owns and owes, as well as the amount invested by shareholders. It provides a basis for computing rates of return and evaluating the company’s capital structure.

Detailed explanation-3: -The balance sheet is a snapshot of the company’s financial position at a point in time. There are three elements of a balance sheet: what the company owns (assets) and owes (liabilities), as well as the amount invested by shareholders (equity).

Detailed explanation-4: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation. It reports on an organization’s assets (what is owned) and liabilities (what is owed).

Detailed explanation-5: -A balance sheet shows a snapshot of a company’s assets, liabilities and shareholders’ equity at the end of the reporting period. It does not show the flows into and out of the accounts during the period.