Study notes

Balance Sheet - Introduction

  • Levels: GCSE, AS, A Level
  • Exam boards: AQA, Edexcel, OCR, IB, Other, Pre-U

The balance sheet provides a summary of the assets and liabilities of a business. It is a snapshot of those assets at a particular moment in time.

The balance sheet always balances because of the use of "double-entry" bookkeeping to record business transactions.

Every transaction in a business always has two equal effects on the assets and liabilities of a business. Some examples are shown below.

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