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The balance sheet, also called the statement of financial position, is the third general purpose financial statement prepared during the accounting cycle. It reports a company’s assets, liabilities, and equity at a single moment in time. The balance sheet can not reflect those assets which cannot be expressed in monetary terms, such as skill, intelligence, honesty, and loyalty of workers. Key Terms carrying value : In accounting, book value or carrying value is the value of an asset according to its balance sheet account balance. Dec 02, 2019 · A balance sheet provides a picture of a company's assets and liabilities, as well as the amount owned by shareholders. A balance sheet can help you determine what a business is really worth. When reviewed with other accounting records and disclosures, it can warn of many potential problems and help you to make sound investment decisions. The last asset on the sample balance sheet is fixed assets. This asset is stated on Line 4 and includes any equipment and vehicles you own and any land and buildings you own. These assets normally refer to the large and highly valued assets that are owned by your business firm and those that can be depreciated over time.