A balance sheet is the statement of what a business owns and owes. A strong balance sheet, on the balance sheet, repair the balance sheet.
It is a snapshot of one day rather than a record of a year, which is what separates it from a profit and loss account. It balances because everything owned was paid for either by borrowing or by the owners.
1nounbalance sheetThe statement of what a business owns and owes.
“The debt sat on the balance sheet for a decade.”
balance sheet is a statement.
Practised in Business & Money