what is the mean of balance sheet?

Answer 1

The accounting balance sheet is one of the major financial statements used by accountants and business owners. (The other major financial statements are the income statement, statement of cash flows, and statement of stockholders' equity) The balance sheet is also referred to as the statement of financial position.

The balance sheet presents a company's financial position at the end of a specified date. Some describe the balance sheet as a "snapshot" of the company's financial position at a point (a moment or an instant) in time. For example, the amounts reported on a balance sheet dated December 31, 2006 reflect that instant when all the transactions through December 31 have been recorded.

Because the balance sheet informs the reader of a company's financial position as of one moment in time, it allows someone—like a creditor—to see what a company owns as well as what it owes to other parties as of the date indicated in the heading. This is valuable information to the banker who wants to determine whether or not a company qualifies for additional credit or loans. Others who would be interested in the balance sheet include current investors, potential investors, company management, suppliers, some customers, competitors, government agencies, and labor unions.

There's too much to tell you here. Continue reading at the link below for a fuller explanation of the balance sheet and its components.

Answer 2

Usually, a balance sheet is an accounting industry concept of a listing of all of a company's:
Assets
Liabilities
Owner's share (known as Owner's Equity)

There are rules and conventions for listing these items in particular order and time frames.

For individuals - the idea is the same but a lot less formal.

Companies need to keep accounting records whether they are public or private for several reasons such as regulatory reasons, compliance with contractual reasons, investor disclosure reasons etc.

People usually do not "need" to keep such records but they often choose to.

Answer 3

no...it skill Bologna Sandwich lolz ^_^ while me and my pals used to play BS the cardboard game we constantly pronounced bologna sandwich (in basic terms letting you know so which you dont think of i stole the respond a pair above me lol)