Also known as a statement of financial position. In financial accounting, a balance sheet, or statement of financial position, is a summary of the value of all assets, liabilities, and ownership equity for an organization or individual on a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot" of a company's financial condition on a given date. A company balance sheet has three parts: assets, liabilities, and stockholders' equity. The main categories of assets are usually listed first and are followed by the liabilities. Total assets must equal the sum of total liabilities and stockholders' equity. The difference between the assets and the liabilities is also known as the net assets or the net worth of the company.