What is meant by the statement that a balance sheet provides a snapshot of a ventures financial

Question:

What is meant by the statement that a provides a “snapshot” of a venture’s financial position as of a point in time? Why must a be in balance?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...