In accounting and personal finance, a statement listing assets, liabilities, and equity at a specific date is a balance sheet.
For an individual, the statement can list cash, investments, property, and other assets alongside mortgages, loans, and credit-card debt. The difference between assets and liabilities represents net worth or equity.
A balance sheet is a snapshot rather than a record of activity across an entire period. An income statement summarizes revenue and expenses, while a cash-flow statement tracks cash entering and leaving during a period.
Businesses use the accounting equation assets equal liabilities plus equity. Personal net-worth statements use the same basic logic to show a household's financial position.