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What is a balance sheet

Answer Text:
What is a balance sheet:
Definition:
-it is a statement that shows the financial position of a firm at a particular moment in time.
-the resources (assets) of a firm are shown on one side and the financing (capital and liabilities) on another side.
-it is prepared after the preparation of trading, profit and loss account has been prepared.
-the preparation of a balance sheet conforms to the book-keeping equation:
Assets = capital + liabilities.