Balance sheets

IB Business Management: Balance sheets

The balance sheet is an essential set of final accounts that shows the value of a firm’s assets, liabilities and the owners’ investment (or equity) in the business at a particular point in time. Hence, the balance sheet is often referred to as a “snapshot” of a firm’s financial position. The reporting date of the balance sheet for an organization is the same each year.Essentially, it shows two important things:


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