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the balance sheet is a report that the entire aggregate financial value of existing property and source form that property at a certain time. This is one of the four reports form the financial statements of a business. The property items on the balance sheet are arranged in order of the degree of liquidity (converted into money) descending from high to low, with the highest level of the Money and the equivalent of cash, items payable and liabilities coming due in the order of ascending from the short term to the long term.
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