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Balance sheets are also sometimes referred to as statements of financial position or statements of financial condition. Balance sheets are typically presented in two different forms. In the report form, asset accounts are listed first, with the liability and owners' equity accounts listed in sequential order directly below the assets. In the account form, the balance sheet is organized in a horizontal manner, with the asset accounts listed on the left side and the liabilities and owners' equity accounts listed on the right side. The term balance sheet originates from this latter form: when the left and right sides have been completed, they should sum to the same dollar amountsâin other words, they should balance.
Balance Sheet is a statement of assets and liabilities. In contrast, Profit & Loss Account is an account. A Balance Sheet is a gives an overview of assets, equity, and liabilities of the company, but the Profit and Loss account is a depiction of entityâs revenue and expenses. Accounts which are transferred to profit and loss account are closed and lose their identity.