A Balance Sheet is a financial statement that presents the financial position of a company at a specific point in time. It details the company's assets, liabilities, and shareholders' equity, ensuring that the assets are balanced by the sum of liabilities and equity.
A financial statement is a formal record of the financial activities and position of a business, person, or other entity, revealing the income, expenses, assets, liabilities, and equity.
An unrealized gain refers to the increase in the market value of an asset that remains unsold, reflecting a rise in value relative to its purchase cost. It remains 'unrealized' until the asset is sold.
