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It details what is owned (assets), what is owed (liabilities), and the current equity position (assets minus liabilities) at a given point of time.

A balance sheet is for anyone who wants to clearly understand their financial position. It is sometimes referred to as the statement of financial position.

Balance Sheet Template

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Provides a snapshot of the current financial position. It is one of the major financial statements used by Chartered Accountants, business owners and bankers.