Legal Definition and Related Resources of Balance Sheet
Meaning of Balance Sheet
A statement which shows a summation or general balance of all accounts, but not the particular items going to make up the several accounts. See Eyre v Hormen, 28 F. 779, 92 Cal. 580.
Balance Sheet Alternative Definition
A statement made by merchants and others to show the true state of a particular business. A balance sheet should exhibit all the balances of debits and credits, also the value of merchandise, and the result of the whole.
Financial Definition of Balance Sheet
Also called the statement of financial condition, it is a summary of the assets, liabilities, and owners” equity.
International Trade Meaning and Definition of Balance Sheet
A statement showing a firm”s accounting value on a particular date. It reflects the equation, Assets = Liabilities + Stockholders” equity.
Legal Definition of Balance Sheet
A condensed financial statement showing the nature and amount of a company”s assets, liabilities and capital on a given date. In dollar amounts, the balance sheet shows what the company owned, what it owed and the ownership interest in the company of its stockholders. (See: Assets, Earnings report)
Related Entries of Balance Sheet in the Encyclopedia of Law Project
Browse or run a search for Balance Sheet in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Balance Sheet in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Balance Sheet in Historical Law in the Encyclopedia of Law.
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Balance Sheet in the Legal Abbreviations and Acronyms Dictionary.
Related Legal Terms
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What does Balance Sheet mean in American Law?
The definition of Balance Sheet in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
One of the principal formats used by accountants for reporting the financial condition of a business, the balance sheet presents data on that condition as of a particular date, usually the close of the entity”s fiscal year. It ordinarily displays, in a column on the left of the page, the value of that date of all assets, and in a column on the right all liabilities, together with the difference between assets and liabilities which is called “surplus” or “stockholders equity” or some such label for the net worth of the company.
Almost any number of categories of assets and liabilities may be used, depending on how much fine detail one desires to show, but it is almost always the case that, among the assets, cash and similar assets are shown separately from less liquid assets like plant and buildings, and that current (due-within-one-year) liabilities are separated from long term obligations.
See also profit and loss statement.
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Balance Sheet in the Dictionary | Balance Sheet in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Balance Sheet |
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Related topics | Balance Sheet in the World Encyclopedia of Law |
Notice
This definition of Balance Sheet Is based on the The Cyclopedic Law Dictionary . This definition needs to be proofread..
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Balance sheet in Law Enforcement
Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of balance sheet.
Resources
See Also
- Law Enforcement Officer
- Police Officer
- Law Enforcement Agency
Further Reading
- balance sheet in A Dictionary of Law Enforcement (Oxford University Press)
- balance sheet in the Encyclopedia of Law Enforcement
- A Treatise on the Police of the Metropolis
English Legal System: Balance Sheet
In the context of the English law, A Dictionary of Law provides the following legal concept of Balance Sheet : A document presenting in summary form a true and fair view of a company’s financial position at a particular time (e.g. at the end of its financial year). It must show the items listed in either of the two formats set out in the Companies Act 1985. Its purpose is to disclose the amount that would be available for the benefit of members if the company were immediately wound up and liabilities were discharged out of the proceeds of selling its assets.
See accounts; statements of standard accounting practice.
United States Tax Concept of Balance Sheet
A balance sheet is an itemized statement which lists the total assets and the total liabilities of a business to evidence company’s financial health and net worth at a given moment in time. The amounts shown on a balance sheet are generally the historic cost of items and not their current values.
Concept of Balance Sheet in the context of Real Property
A short definition of Balance Sheet: A statement of the assets and liabilities of a company to determine its net worth (equity).
Concept of Balance Sheet in the context of Real Property
A short definition of Balance Sheet: A statement of the assets and liabilities of a company to determine its net worth (equity).
What is the meaning of Balance Sheet?
A definition of Balance Sheet is provided here: Reports the financial position of a firm at the end of a specific period of time. Balance sheet(s) consist of assets, liabilities, and owners ™ equity.
Hierarchical Display of Balance sheet
Business And Competition > Accounting > Accounting > Financial accounting
Business And Competition > Management > Financial management > Balance-sheet analysis
Meaning of Balance sheet
Overview and more information about Balance sheet
For a more comprehensive understanding of Balance sheet, see in the general part of the online platform.[rtbs name=”xxx-xxx”]
Resources
Translation of Balance sheet
- Spanish: Balance
- French: Bilan
- German: Bilanz
- Italian: Bilancio di società
- Portuguese: Balanço
- Polish: Bilans
Thesaurus of Balance sheet
Business And Competition > Accounting > Accounting > Financial accounting > Balance sheet
Business And Competition > Management > Financial management > Balance-sheet analysis > Balance sheet
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