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Aicountly Accounting Guide
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A balance sheet is a statement of a business's financial position on a particular date. It lists what the business owns (assets), what it owes (liabilities) and the owners' stake (capital and reserves).
The two sides always balance: assets equal liabilities plus owners' equity. Unlike a profit and loss account, which covers a period, the balance sheet is a snapshot at the close of that date.
Aicountly Accounting Guide · 1h ago
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