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Difference of balance sheets between sole proprietorship and partnership |
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Answer» In financial ACCOUNTING, a balance sheet or statement of financial POSITION is a summary of the financial balances of an individual or ORGANIZATION, whether it be a sole proprietorship, a business partnership, a corporation, PRIVATE limited company or other organization such as Government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition".[1] Of the four basic financial statements, the balance sheet is the only statement which applies to a single POINT in time of a business' calendar year. |
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