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Balance sheetBalance sheetIn financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a business at a chosen date. Businesses that prepare a balance sheet include sole proprietorships, business partnerships or a companies. The assets, liabilities and ownership equity of the business are listed as of a specific date, usually the end of its financial year, and listed in a standard format. A balance sheet is often described as a "snapshot of a company's financial condition" and can be used to prepare various ratios to determine a company's liquidity. A standard company balance sheet is broken down into five main parts and include: Fixed assets, long-term assets, current assets and current liabilities, long-term liabilities (liabilities due after more than one year) and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity, which means that fixed assets are first and includes plant, machinery, buildings and motor vehicles. Fixed assets are followed by the current assets and then current liabilities. The net difference between all of the businesses assets and the liabilities is known as equity/capital (net worth) or its net assets. Another way to represent the same information is that total assets equals liabilities plus owner's equity, which is helpful if you are trying to see how the businesses assets are financed, either by borrowing money (liability) or by using the owner's money (owner's equity/capital). The very definition of a balance sheet is that it must balance whereby assets less liabilities must equal net worth, which is made up of owners equity/capital and the business profit and loss balance. Records of the values of each account or line in the balance sheet are usually obtained from a trial balance and are usually maintained using a system of accounting known as the double-entry bookkeeping. As with a company's accounts, which includes a balance sheet, any professional cash flow forecasts must also have a balance sheet.
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