- balance sheet
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bal·ance sheet n: a statement of financial condition at a given date
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- balance sheet
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n.A financial statement that includes debits, credits, assets, and liabilities.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- balance sheet
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a statutory account required by the Companies Acts. The function of a balance sheet (sometimes called a position statement) is to show the financial position of a business at a given date. This is done by showing the assets of the business, its debts and liabilities, and the equity of the owners. The balance sheet is verified by the auditor.
Collins dictionary of law. W. J. Stewart. 2001.
- balance sheet
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A financial statement listing a businesss assets (what it owns), liabilities (what it owes), and net worth (the difference between the assets and liabilities) at a particular point in time. It is usually prepared each month, quarter of a year, annually, or upon sale of the business. It is intended to show the overall condition of the business.Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- balance sheet
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An accounting document which provides a snapshot of the financial picture of a business on a given day. One side of the balance sheet lists the assets, moving from most liquid (cash) to least liquid (plant and equipment or goodwill). The other side of the balance sheet lists liabilities in order of immediacy. In a company's balance sheet, the assets must equal the liabilities plus shareholders' equity. The balance sheet, along with the profit and loss account, is an important tool for analysing the financial health of a company.+ balance sheetUSAbalance sheet, Also known as a statement of financial position.In financial accounting, a balance sheet, or statement of financial position, is a summary of the value of all assets, liabilities and ownership equity for an organization or individual on a specific date, such as the end of its financial year. 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. The main categories of assets are usually listed first and are followed by the liabilities. Total assets must equal the sum of total liabilities and stockholders' equity. The difference between the assets and the liabilities is also known as the net assets or the net worth of the company.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
- balance sheet
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n. A financial statement that indicates the value of an entity's current fiscal situation as of a specific date, consisting of a summary of the value of assets and a summary of the value of its liabilities and the owners' equity.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- balance sheet
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A comprehensive financial statement that is a summarized assessment of a company's accounts specifying its assets and liabilities. A report, usually prepared by independent auditors or accountants, which includes a full and complete statement of all receipts and disbursements of a particular business. A review that shows a general balance or summation of all accounts without showing the particular items that make up the several accounts.
Dictionary from West's Encyclopedia of American Law. 2005.
- balance sheet
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A comprehensive financial statement that is a summarized assessment of a company's accounts specifying its assets and liabilities. A report, usually prepared by independent auditors or accountants, which includes a full and complete statement of all receipts and disbursements of a particular business. A review that shows a general balance or summation of all accounts without showing the particular items that make up the several accounts.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- balance sheet
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n.the statement of the assets and the liabilities (amounts owed) of a business at a particular time usually prepared each month, quarter of a year, annually, or upon sale of the business. It is intended to show the overall condition of the business. A balance sheet should not be confused with a profit and loss statement, which is an indicator of the current activity and health of the business.
Law dictionary. EdwART. 2013.
