STANDARD DOCUMENTS: Balance Sheet checklist

A balance sheet is a financial statement which all companies should prepare.


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Balance sheet has three sections
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Balance sheet is often abbreviated to BS
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The "asset" section shows what the company owns
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The "liability" section shows what the company owes
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The "equity" section shows the shareholders' ownership
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BS's are a static report
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BS can be compared to prior periods
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Balance Sheets are considered a standard financial report

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