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Accounting · Definition

Balance Sheet

A snapshot of what the business owns and owes at a point in time.

The balance sheet sets out assets, liabilities and equity on a specific date. Inventory, receivables and payables all appear here, which is why operational accuracy shows up in financial position.

Unlike the income statement it is a snapshot rather than a period, so it is read as much for structure — how much is tied up in stock, how much is owed short term — as for its totals.

Also called

  • statement of financial position

See it in AWRA OpsHub

Accounting Insights

Related terms

Income Statement

A summary of revenue, costs and profit over a period.

Cash Flow Statement

A record of actual cash moving in and out, split by activity.

Working Capital

The short-term capital tied up in running the business day to day.

Inventory Valuation

Assigning a monetary value to the stock you hold.

More in Accounting

Accounts Payable (AP) Accounts Receivable (AR) Accrual Accounting Accrued Expense Aging Report Bad Debt Provision Bank Reconciliation Break-Even Point

Balance Sheet is not just a definition here

Accounting runs on this vocabulary every day in AWRA OpsHub — 51 of our 257 glossary terms describe things the platform actually does.

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