Balance Sheet Definition: A financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business. A basic ...

It captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include non-cash accounting ...

On the flip side, the company purchasing the good or service will record the transaction as an accrued expense under the liability section on the balance sheet. Under cash accounting, revenue is ...

Reviewed by Somer Anderson Fact checked by Michael Rosenston Balance sheets are important financial statements that help ...