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balance sheet

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

One of the main financial statements. The balance sheet reports the assets, liabilities, and owner’s (stockholders’) equity at a specific point in time, such as December 31. The balance sheet is also referred to as the Statement of Financial Position.

To learn more about the balance sheet, see our Balance Sheet Outline.

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  • Debits and Credits
  • Adjusting Entries
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  • Income Statement
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  • Bank Reconciliation
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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