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Balance Sheet

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In accounting, a balance sheet is a type of financial statement that provides a synopsis of a business entity's financial position at a specific time, including a company's economic resources (assets), economic obligations (liabilities), and the value of a company after its liabilities are subtracted from its assets (owners' equity). The term "balance sheet" refers to the way assets always equal (or balance) liabilities plus owners' equity.

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Copyright © 2011 Advameg, Inc.