The balance sheet is an accounting statement that summarizes the various assets, liabilities and equities  held by a company on a specific date. Balance sheet is one of the major financial statements used by accountants and business owners. The balance sheet is also referred to as the statement of financial position. The balance sheet presents a company’s financial position at the end of a specified date. Some describe the balance sheet as a “snapshot” of the company’s financial position at a point (a moment or an instant) in time. For example, the amounts reported on a balance sheet dated December 31, 2012 reflect that instant when all the transactions through December 31 have been recorded. Balance sheet have its major components, elements, or major categories:

Assets
Liabilities
Owner’s (Stockholders’) Equity