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Explain what a balance sheet is and describe its functions

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Explain what a balance sheet is and describe its functions
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A balance sheet shows the financial position of a business. On the debit side are all the assets that the business has and the credit side shows what it owes to the outsiders, also, what the owner(s) of the business have contributed.Its a snapshot of all their major accounts.
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The Balance Sheet outlines the resources that the company has to generate business as well as the obligations it needs to fulfill to banks and/or shareholders. I'd write more, but you could get more info from www.investopedia.com or www.investorwords.com
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In short, a balance sheet tells you how much a company owns and owes.. . Wikipedia is a good source for exam questions. Be an author and share what you know.
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