The balance sheet is a position statement shows where the company stands in financial terms at a specific date,mot for a specific time period.Balance sheet is also known as a statement of financial position The balance sheet is a simple and at the same time very complex and detailed account of the company.The balance sheet shows the amount of assets a company holds,it shows the company's liabilities,or what they owe for one reason or another (not monthly expenses)and what the owners or stakeholders have in the company.