The Balance Sheet

A balance sheet shows the financial ..... that a company has at a point in time and where they came from.

It is an instant photograph that displays the company's financial ..... at the end of a business month, quarter or year.

The organization of a balance sheet reflects this basic .....: assets equal debts plus equity.

The ..... of accounts is a listing of the accounts that are reflected in the financial statements.

Assets are often listed in the order of their ..... - which means how easy it would be to convert each asset into cash.

Assets are divided into three categories: Current Assets, Fixed Assets, and ..... Assets.

Current assets will likely be turned into cash or converted into a(n) ..... within a year.

Fixed assets are saleable, but are not expected to be converted to cash in the ..... course of business.

Liabilities are debts or ..... stemming from goods or services received by the company.

If the assets of a company are greater than its liabilities, then the equity of the business is the positive ..... between the two numbers.