The National Directory of Certified Public Accountants

Ask A CPA - Accounting Terminology

Balance Sheet

Statement, at a particular point in time, of the financial position of a business or organization. This is generally divided into three parts: assets, liabilities and ownership, or equity. Also known as Statement of Financial Position.

If you need professional help with "Accounting Terminology" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.