# Balance Sheet | | In financial accounting, a **Balance Sheet** 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". It is the summary of each and every financial statement of an organization. | |-|-| | | wikipedia:: [Balance sheet](https://en.wikipedia.org/wiki/Balance_sheet) | - Always at a point in time