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Balance sheet
01
a written statement that shows the assets and liabilities of a company at a specific point in time
Example
The decision to write up the value of the equipment on the financial statements positively impacted the company's balance sheet.
The accountant reconciled the balance sheet to ensure the accuracy of the company's financial records.
The accounting department prepares financial statements such as the balance sheet and income statement to reflect the financial position and performance of the company.
Goodwill, reflecting a company's reputation and customer loyalty, is considered an asset on its balance sheet.
