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The balance sheet reflects the financial position of the
enterprise. It provides useful information to various users.
The balance sheet is described as a snapshot of the financial
position of a business entity. The various groups interested
in the company can draw useful inferences from an analysis
of the information contained in the balance sheet. The balance
sheet is also called the position statement.
- It shows the financial position of the business concern.
- It shows what the firm owes to others and also what others
owe to the firm.
- It shows the nature and value of the assets.
- It also reflects the liquidity of a firm.
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Uses
of balance Sheet
Accounts
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