What are the characteristics of Balance Sheet?

The characteristics of Balance Sheet are:

• It is prepred at a particular date, rather on the close of the day and not for a period. It is true only on that date and not later.
• The balance Sheet is prepared after the preparation of the Profit and Loss Account.
• The balance Sheet is not an account but only a statement of assets and liabilities.
• The Balance Sheet shows the financial position of a business as a going concern
• The total of the asset side must be equal to the total of liabilities side.