BALANCE SHEET

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Definitions

1. is composed of all the accounts representing either assets or liabilities. These accounts are not terminatedly handled at the balance sheet date and so remain as "balances." Hence the term "balance" sheet-it is simply a sheet of paper listing down all those accounts not terminatedly handled and therefore still showing a "balance." (BPL 14 Nov 70 IV)

2. simply a financial statement which lists down all the assets and liabilities of the organization at the end of the financial period concerned. (BPL 14 Nov 70 III)