A BALANCE sheet, at its most basic, is a statement of assets and the claims against these assets. There are different levels of looking at a balance sheet: one from a financial accounting standpoint, another from a market valuation standpoint, and still another from a national economic standpoint.

An accountant would estimate the value of the assets (on the left hand side of his ledger) and the value of the claims against these assets (either liabilities or equity on the right hand side of his ledger).

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