MANAGEMENT

Detailed explanation-1: -A balance sheet is often described as a “snapshot” of a company’s financial condition on a given date. A company balance sheet has three parts: assets, liabilities and stockholders’ equity.

Detailed explanation-2: -A balance sheet is a part of the financial statements of an entity. It contains the details of the assets, liabilities, and equity of the entity on a particular day. It is called a “snapshot” of financial position because it represents the financial position of the entity on a particular day.

Detailed explanation-3: -A balance sheet (also known as a statement of financial position) is a summary of all your business assets (what your business owns) and liabilities (what your business owes). At any point in time, it shows you how much money you would have left over if you sold all your assets and paid off all your debts.

Detailed explanation-4: -A balance sheet shows a snapshot of a company’s assets, liabilities and shareholders’ equity at the end of the reporting period.