balance sheet


General English


  • noun a statement of the financial position of a company at a particular time, such as the end of the financial year or the end of a quarter, showing the company’s assets and liabilities. The balance sheet shows the state of a company’s finances at a certain date. The profit and loss account shows the movements which have taken place since the last balance sheet, i.e. since the end of the previous accounting period. A balance sheet must balance, with the basic equation that assets (i.e. what the company owns, including money owed to the company) must equal liabilities (i.e. what the company owes to its creditors) plus capital (i.e., what it owes to its shareholders). A balance sheet can be drawn up either in the horizontal form, with liabilities and capital on the left-hand side of the page (in the USA, it is the reverse) or in the vertical form, with assets at the top of the page, followed by liabilities, and capital at the bottom. Most are usually drawn up in the vertical format, as opposed to the more old-fashioned horizontal style.


  • A financial statement that summarizes a company's financial status. A balance sheet lists assets, liabilities, and shareholder's equity. It is called a balance sheet because these three items are balanced according to the equation: assets = liabilities + shareholders' equity. Assets and liabilities are organized on a balance sheet in a system of accounts.

Health Economics

  • (written as Balance Sheet)
    A statement at the end of a period (usually a year) of the wealth of a person or organization. The balance sheet consists of various stocks: assets (cash, bank deposits, stocks of goods and other easily realizable assets; debts owed to the person/organization; investments, for example, other organizations that are owned by the person/organization and fixed assets like buildings less depreciation); and liabilities (debts owed to lenders such as bank loans and overdrafts; debts to other creditors, and the shares owned by shareholders). The basic equation in accounting is assets = liabilities + equity, so equity = assets ' liabilities.


  • acronymB/S
  • acronymBS

Human Resources

  • quality standards which apply to various products or services.

Information & Library Science

  • abbreviation in Internet addresses, the top-level domain for Bahamas