BALANCE SHEET

1. is composed of all the accounts representing either assets or liabilities. These accounts are not terminatedly handled at the balance sheet date and so remain as "balances." Hence the term "balance" sheet-it is simply a sheet of paper listing down all those accounts not terminatedly handled and therefore still showing a "balance." (BPL 14 Nov 70 IV) 2. simply a financial statement which lists down all the assets and liabilities of the organization at the end of the financial period concerned. (BPL 14 Nov 70 III)

a statement which shows the financial status or balance, that is, the amount of cash or items that can be converted to cash on one side of the sheet and the amount owed on the other side. It takes care of financial planning, it takes care of papers and that sort of thing, and balance sheets and records and inventories and all that sort of thing.