Types of balance sheets

A balance sheet summarizes an organization or individual's assets, equity and liabilities at a specific point in time. Individuals and small businesses tend to have simple balance sheets.[3][dead link] Larger businesses tend to have more complex balance sheets, and these are presented in the organization's annual report.[4] Large businesses also may prepare balance sheets for segments of their businesses.[5] A balance sheet is often presented alongside one for a different point in time (typically the previous year) for comparison.[6][7][dead link]