The balance sheet (also known as the statement of financial position) reports a corporation's assets, liabilities, and stockholders' equity as of the final moment of an accounting period.

The balance sheet is one in a set of five financial statements prepared by a business. To get a complete understanding of the company's financial position, one must study all five of the financial statements including the notes to the financial statements.

The structure of the balance sheet reflects the accounting equation: assets = liabilities + stockholders' (or owner's) equity. The use of double-entry accounting keeps the balance sheet in balance.