2008•OakTrust (Texas A&M University Libraries)Open access

Balance Sheet -- A Financial Management Tool

Danny A. Klinefelter

Abstract

A balance sheet is a statement of the financial condition of a business at a specific time. It is one of the principal reports provided by a good accounting system. The balance sheet shows what is owned by a business, what is owed, and the owner’s share (or net worth) of the business. By comparing past balance sheets with the present balance sheet, the growth or decline of assets, loans and net worth can be determined.

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Key concepts: Balance sheet, Off-balance-sheet, Income statement, Net worth, Business, Balance (ability), Financial statement analysis, Accounting