Balance Sheet
A statement showing the financial position of a business at a certain date - usually the end of the financial year. The idea is to have a single simple document which offers a way of measuring the financial position of the business and to judge its creditworthiness and value as an investment.
The balance sheet will show the balances of the business's accounts separated into liabilities (capital invested, creditors, reserves for tax bills, provisions for staff pensions, etc.) and assets (land, buildings, machinery, stock, cash, investments, amounts due from debtors).