balance sheet

Meanings

• noun

  An financial statement that shows the summary of income, expenses, and assets and liabilities of an individual or organization at a specific point in time.

  - "The balance sheet of the company showed a profit of $500,000."
  - "I need to review the balance sheets of all the departments to prepare the annual report."

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Variants

List of all variants of balance sheet that leads to same result
balance sheet , balance sheets

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'balance sheet' originated from the accounting practice of recording all debits and credits in 'columns' or 'sheets' to ensure that they balance.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Did you know that the balance sheet was first used in ancient Rome during the Roman Empire?

2. The balance sheet is also known as a 'Statement of Financial Position' or a 'Statement of Financial Condition'.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Income Statement: Another financial statement that shows a company's revenue, expenses, and net income over a specific period.

2. Statement of Cash Flows: A financial statement that shows a company's cash inflows and outflows during a specific period.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

The balance sheet is a crucial financial document used in business and accounting, providing insight into a company's financial health and stability.

How to Memorize "balance sheet"

1. visualize
   

   - Imagine a large, balanced scale. On one side, visualize income (debits) and on the other side, visualize expenses (credits). The balance sheet shows that the total debits and credits are equal.
   - Visualize the different sections of a balance sheet: assets, liabilities, and equity.

2. associate
   

   - Associate the term 'balance sheet' with the word 'equilibrium'. Just as equilibrium represents a state of balance in physics, a balance sheet represents a state of financial balance.
   - Think of the acronym 'ASSETS': Assets = Accounts Receivable, Sales, Taxes, and Other Receivables.

3. mnemonics
   

   - Use the mnemonic 'BEDMAS': Balance, Equities, Debts, Money, Assets, and Shareholders Equity.

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