BALANCE SHEET Definition

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BALANCE SHEET is an itemized statement that lists the total assets and the total liabilities of a given business to portray its net worth at a given moment of time. The amounts shown on a balance sheet are generally the historic cost of items and not their current values.

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LAG TIME is the period of time between two closely related events, phenomena, etc., as between stimulus and response or between cause and effect: a time-lag between the declaration of war and full war production.

MARKETING is the commercial processes involved in promoting and selling and distributing a product or service; finalizing with the exchange of goods or services for an agreed sum of money.

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