What is a balance sheet. What are its characteristics?

Explanation

Balance Sheet may be a statement ready to determine values of assets and liabilities of a business on a selected date. it's known as record because it contain balances of real and private accounts, that aren't closed on a selected date.
Characteristics of record
1. it's a press release of assets and liabilities.
2. the full of Assets aspect should be adequate Liabilities sides.
3. it's ready at a selected date.
4. It helps in ascertaining the monetary position of the business