Most users rely on general-purpose financial statements, which include the balance sheet statement.
What is a balance sheet?
- A balance sheet is a financial statement that lists an organization's assets, liabilities, and shareholder equity.
- The balance sheet is one of the three main financial statements used when evaluating a business.
- It provides a snapshot of a corporation's assets and liabilities as of the publication date.
What is a balance sheet used for?
- A balance sheet gives you a brief snapshot of the financial state of your business at any particular time.
- Business leaders can examine the financial health of their company using a balance sheet, an income statement, and a cash flow statement.
- When a company has a healthy balance sheet, its core operations will be funded with the right amount of working capital (current assets less current liabilities), ultimately generating revenue and profit.
Most users rely on general-purpose financial statements, which include the balance sheet statement.
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