Definition of Balance Sheet Personal Finance Terms Home A balance sheet is a statement of the actual value of a business on a specific date. What that business is worth that day. It includes assets, liabilities and net worth of the company. This is different from an income statement which shows revenue and expenses over a length of time. An asset is often called a statement of condition for a company. The balance sheet for a company usually has two parts. The first part of the statement lists the company's fixed and current assets as well as and the liabilities. The second portion of the balance sheet shows how these assets and liabilities were financed. The totals for each part must be equal. The balance sheet is one of the main financial statements that is usually included in the financial accounts of a company. A consolidated balance sheet is balance sheet of the financial condition of a group of companies shown as if they were a single company. Personal Finance Terms

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