The balance sheet displays the company’s total assets, and how these assets are financed, through either debt or equity. It can also be referred to as a statement of net worth, or a statement of financial position. The balance sheet is based on the fundamental equation:  Assets = Liabilities + Equity. Sep 30, 2011 · The balance sheet is usually described as a snapshot of a company's financial position. This is because the balance sheet is accounting for a single moment in time; not over a period such as the...

Nov 21, 2013 · I am trying to create an Excel document that allows me to simply enter in my expenses and then see my account balances in a separate tab. I have created one sheet that includes all the raw data of my expenses. In the other sheet I have a balance sheet that shows my credit card balances, bank accounts and investment accounts. Dec 08, 2019 · A balance sheet should always balance. The name "balance sheet" is based on the fact that assets will equal liabilities and shareholders' equity every time. Deferred taxes can be deferrals for either the tax expense or tax payable, which generates deferred tax assets or liabilities respectively on a balance sheet. Accounting Books To record revenues and expenses in accounting books, companies must follow the generally accepted accounting principles, or GAAP, which is accrual-based.