BookkeeperReadyQuickBooks® Online job practice

What does “Balance sheet” mean in bookkeeping?

Balance sheet: A report of assets, liabilities and equity on one date. Assets always equal liabilities plus equity.

Practice it hands-on

B1.4 Account types and where they appear15 min
B6.2 Read a balance sheet15 min

Guides that explain it

Written for US bookkeeping. Last reviewed November 5, 2026. See all 100 terms.