The Income/Outcome^® Contextuary

A summary of the Assets, Liabilities, and Equity for the business at a certain point in time - it gives a financial snapshot for the given moment.

The left side of the Company Board (and of the Income/Outcome business simulation game board) is a Balance Sheet.

When using a numeric format, North America uses a Total Asset Balance Sheet which shows the assets (what you have in the business) and balances that amount against the total of liabilities and equity (which is where the assets came from). In other words, everything you have in the business comes from investing (Capital Stock), making money (Retained Earnings), or borrowing from sources such as banks (Loans) and suppliers (Accounts Payable (A/P)). Elsewhere in the world, a Total Asset Balance Sheet may be used.

See also Income Statement.