Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Basic Business Terms and other Small Businesses topics.
The Balance Sheet is a statement of a company's assets, liabilities, and capital at a specific period of time. Assets = Liabilities + Capital. The Balance Sheet is a "snapshot" of a company's financial standing at one point in time. It is used to determine the financial status of a company, what the company's present value is.