Purpose of the balance sheet
Purpose of the balance sheet: A balance sheet is also called a ‘statement of the financial position’, as it provides picture of your assets and liabilities – shows net worth at a single point of time. Three different sections in balance sheet; ASSETS-LIABILITIES=OWNER’S EQUITY It is called balance sheet because, at any given moment, each side of the equation must balance out. By Kahkshan Asif ☺