Fill in the missing words A Statement of Financial Position (Balance Sheet) is a listing of all a firm's and at a point in It balances because double entry book keeping ensures that assets always equal liabilities. Specifically, assets employed equals employed. A Balance Sheet has three main sections: assets are the long-term assets such as property and machinery. capital shows the short-term assets (minus the short-term liabilities). employed. This total is balanced by the loans and shareholders' funds that comprise These two sections, added together, comprise the the firm's employed