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Balance Sheet (Topic Outline)


Topic Outline

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Read our Explanation (8 Parts) Free

Our Explanation of the Balance Sheet provides you with a basic understanding of a corporation's balance sheet (or statement of financial position). You will gain insights regarding the assets, liabilities, and stockholders' equity that are reported on (or omitted from) this important financial statement.

Part 1Introduction to Balance Sheet
Part 2Sample Balance Sheets, Balance Sheet Templates
Part 3Balance Sheet Heading, Assets, Current Assets
Part 4Long-Term Assets
Part 5Liabilities, Current Liabilities
Part 6Long-Term Liabilities, Commitments and Contingencies, Stockholders' Equity, Owner's Equity
Part 7How the Balance Sheet and Income Statement Are Connected, Notes To the Financial Statements, Making Sure Your Company's Balance Sheet Is Accurate
Part 8Monitoring Your Company's Financial Position, Some Limitations of the Balance Sheet, Balance Sheet Should Be Read With the Other Financial Statements
Take our Practice Quiz Free

This 24-question quiz is a fast way to assess your understanding of the Balance Sheet Explanation. It's also a great warmup for our Quick Test.

Review our Visual Tutorial

Our visual tutorial for the topic Balance Sheet gives you a step-by-step description of the components of the balance sheet. This is especially helpful in understanding the stockholders' equity section.

Watch our Financial Statements Video Training

Our financial statements videos will help you learn and review the balance sheet, income statement, and statement of cash flows. This video training consists of 14 videos of approximately 10 minutes each.

Review our Q&A Free

We've answered 368 popular questions related to the topic Balance Sheet. Review them all or use the search box found at the top of each page of our website for your specific questions.

Review our Flashcards

Our flashcards for the topic Balance Sheet will help you master key terms and definitions. You can view them on any device or print them out.

Solve our Word Scramble Free

If you find Balance Sheet terminology difficult, this Word Scramble will provide clues (scrambled answers) to assist you.

Solve our Crossword Puzzle #1 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Balance Sheet in a more fun format.

Solve our Crossword Puzzle #2 Free

We created this crossword puzzle for you to learn, review, and retain terminology for the topic Balance Sheet in a more fun format.

Review our Sample Business Forms

Our balance sheet forms include three for corporations and two for sole proprietorships. All of our business forms contain an Excel template, a blank PDF form, and a filled-in PDF form.

Review our Cheat Sheet

Our Balance Sheet Cheat Sheet provides the highlights of this very important financial statement. You will learn about asset classifications, liabilities, and owner's (and stockholders') equity.

Take our Quick Test #1

This graded 35-question test measures your understanding of the topic Balance Sheet. Discover which concepts you need to study further and enhance your long-term retention. All of our quick tests can be taken online and/or printed.

Take our Quick Test #2 with Coaching

This graded 30-question test provides coaching to guide you to the correct answers. Use our coaching to learn the WHY behind each answer and deepen your understanding of the topic Balance Sheet.

Earn our Balance Sheet Certificate of Achievement

Preparing for this certificate exam will deepen your understanding of what the balance sheet is reporting and what it is not reporting. Decide that you are going to take your financial sophistication to a higher level and then demonstrate it by earning this certificate.

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Earn Badges and Points
Certificate - Debits and Credits
Certificate - Adjusting Entries
Certificate - Financial Statements
Certificate - Balance Sheet
Certificate - Income Statement
Certificate - Cash Flow Statement
Certificate - Working Capital
Certificate - Financial Ratios
Certificate - Bank Reconciliation
Certificate - Payroll Accounting

About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on

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Certificates of

Certificates of Achievement

We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping:

  • Debits and Credits
  • Adjusting Entries
  • Financial Statements
  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Working Capital and Liquidity
  • Financial Ratios
  • Bank Reconciliation
  • Payroll Accounting
Badges and Points
  • Work towards and earn 30 badges
  • Earn points as you work towards completing our course
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