Balance sheet

statement of financial positionbalance sheetsbalance-sheetBalance sheet analysisassets and liabilitiesbalancebalance sheet calculationsBalance sheet substantiationbalance sheet totalbalance statement
In financial accounting, a balance sheet or statement of financial position or statement of financial condition is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.wikipedia
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Financial statement

financial statementsfinancial reportingfinancial report
Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business' calendar year.

Asset

assetstotal assetstangible asset
Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
The balance sheet of a firm records the monetary value of the assets owned by that firm.

Liability (financial accounting)

liabilitiesliabilitydebt
Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
:The accounting equation is the mathematical structure of the balance sheet.

Historical cost

historic costHistorical cost accountingaccounting cost
Securities and real estate values are listed at market value rather than at historical cost or cost basis.
Consequently, the amounts reported for these balance sheet items often differ from their current economic or market values.

Nonprofit organization

non-profitnon-profit organizationnonprofit
In financial accounting, a balance sheet or statement of financial position or statement of financial condition is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
5, and must include a balance sheet, a report on activities, the income and expenditure for the particular period, a report on changes in assets, a statement of cash flows, and notes to the financial statements.

Net worth

net assetsnet wealthnet
The difference between the assets and the liabilities is known as equity or the net assets or the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.
To the extent items on the balance sheet do not express their true (market) value, the net worth will also be inaccurate.

Financial accounting

Financial accountancyfinancial accountsaccounting
In financial accounting, a balance sheet or statement of financial position or statement of financial condition is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
All the figures in the trial balance are rearranged to prepare a profit & loss statement and balance sheet.

Annual report

annual reportsannualannual accounts
Larger businesses tend to have more complex balance sheets, and these are presented in the organization's annual report.

Minority interest

Non-Controlling Interestminorityminority shareholder
Non-Controlling Interest
Minority interest belongs to other investors and is reported on the consolidated balance sheet of the owning company to reflect the claim on assets belonging to other, non-controlling shareholders.

Provision (accounting)

provisionprovisionsprovisioning
Short-term Provisions
The recording of the liability in the entity's balance sheet is matched to an appropriate expense account in the entity's income statement.

Inventory

inventoriesstock in tradestock
A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt.
An organization's inventory can appear a mixed blessing, since it counts as an asset on the balance sheet, but it also ties up money that could serve for other purposes and requires additional expense for its protection.

Tax

taxationtaxeslevy
Current Income Tax Payable
Some countries' governments will require declaration of the tax payers' balance sheet (assets and liabilities), and from that exact a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level.

Equity (finance)

equityshareholders' equityequity capital
Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
Businesses summarize their equity in a financial statement known as the balance sheet (or statement of net position) which shows the total assets, the specific equity balances, and the total liabilities and equity (or deficit).

Depreciation

depreciateddepreciateaccumulated depreciation
Less : Accumulated Depreciation
Businesses depreciate long-term assets for both accounting and tax purposes.The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report.

Accounts receivable

receivablereceivablesaccounts receivables
A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt.
Accounts receivable is shown in a balance sheet as an asset.

Cash and cash equivalents

cash equivalentscashcash (or cash equivalents)
Cash and Cash Equivalents
]]Cash and cash equivalents (CCE) are the most liquid current assets found on a business's balance sheet.

Accounts payable

payablepayablesaccount payable
A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt.
Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet.

Goodwill (accounting)

goodwillaccounting goodwillbusiness
Because it shows goodwill, it could be a consolidated balance sheet.
Goodwill and intangible assets are usually listed as separate items on a company's balance sheet.

Cash flow statement

statement of cash flowsCash Flow Statements
In financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities.

Capital surplus

share premiumAdditional paid in capitaladditional paid-in capital
Share Premium
Capital surplus, also called share premium, is an account which may appear on a corporation's balance sheet, as a component of shareholders' equity, which represents the amount the corporation raises on the issue of shares in excess of their par value (nominal value) of the shares (common stock).

Bad debt

allowance for bad debtsAllowance for Doubtful Accountsbad
Less : Allowances for Doubtful debts
Also known as a bad debt reserve, this is a contra account listed within the current asset section of the balance sheet.

Income statement

lossprofit and lossP&L
This contrasts with the balance sheet, which represents a single moment in time.

Off-balance-sheet

off-balance sheetoff balance sheetdo not show up on their conventional balance sheet
Off-balance sheet (OBS), or incognito leverage, usually means an asset or debt or financing activity not on the company's balance sheet.

Associate company

associate companiesassociatesassociate
Investments in Associates and Joint Ventures
Associate value is reported in the balance sheet as an asset, the investor's proportional share of the associate's income is reported in the income statement and dividends from the ownership decrease the value on the balance sheet.

Retained earnings

ploughed backaccumulated deficitearnings
Retained Earnings
Retained earnings are reported in the shareholders' equity section of the corporation's balance sheet.