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Glossary / Also known as

Statement of assets and liabilities

Another name for Balance Sheet.

Other names
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What does statement of assets and liabilities mean?

Statement of assets and liabilities is another name for Balance Sheet. A financial statement that presents a company's total assets, liabilities, and shareholders' equity at a specific point in time.

The two names mean the same thing. You will see "statement of assets and liabilities" in some ledgers, reports and contracts and "Balance Sheet" in others. The full entry covers how it works, with examples.

Read the full definition of Balance Sheet

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From the glossary

Related terms.

Financial reporting Balance Sheet A financial statement that presents a company's total assets, liabilities, and shareholders' equity at a specific point in time. Also called statement of financial position, statement of assets and liabilities ROC filing Annual Return A mandatory yearly filing submitted to the Registrar of Companies summarizing a company's financial and operational activities. Also called Form MGT-7, company annual return, ROC annual return Due dates and calendars Financial Year (FY) The 12-month accounting period from April 1 to March 31 used for tax filings, financial reporting, and statutory compliance in India. Also called accounting year, tax year Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables Financial reporting Accrual Accounting Recording revenue when you earn it and expenses when you incur them - not when cash moves. The accounting standard every Indian company must follow. Also called accrual basis of accounting, accrual method, mercantile system of accounting Financial reporting Amortization Spreading the cost of intangible assets (patents, software, licences) over the years they generate value - depreciation's less-talked-about sibling. Also called amortisation
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