A balance sheet is an accounting tool used to summarize the financial status of a business or other entity. It generally lists assets on one side and liabilities on the other, and both sides are always in balance. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, assets must equal liabilities plus owners equity. An asset is anything the business owns that has monetary value. Liabilities are the claims of creditors against the assets of the business. A balance sheet is usually prepared each month, quarter of a year, annually, or upon sale of the business, in order to show the overall condition of the company.
The New Hampshire Balance Sheet is a financial statement that provides a snapshot of an entity's financial health and positions the state of New Hampshire. It demonstrates the assets, liabilities, and equity of the state, presenting a comprehensive overview of its financial condition. The Balance Sheet showcases the state's financial performance, highlighting the allocation and management of resources. The primary objective of the New Hampshire Balance Sheet is to show the state's financial stability and provide transparency in its financial operations. It serves as an essential tool for policymakers, stakeholders, and citizens, enabling them to evaluate the state's financial health and make informed decisions. Keywords: New Hampshire, balance sheet, financial statement, asset, liability, equity, financial health, financial condition, resources, financial performance, financial stability, transparency, policymakers, stakeholders, citizens. Types of New Hampshire Balance Sheets: 1. Government Balance Sheet: This type of balance sheet encompasses the overall financial position of the state government, including all its departments, agencies, and other entities. 2. State Agency Balance Sheet: These balance sheets specifically focus on the financial standing of individual state agencies, providing detailed information about their assets, liabilities, and equity. 3. Enterprise Fund Balance Sheet: Enterprise fund balance sheets concentrate on specific state-owned commercial activities or operations that operate primarily on user charges or fees rather than taxes. It provides a clear understanding of the profitability and financial stability of these ventures. 4. Capital Projects Fund Balance Sheet: Capital projects fund balance sheets demonstrate the financial aspects of capital-related projects undertaken by the state, such as infrastructure development, construction projects, and major acquisitions. These balance sheets illustrate the financial sources and uses of funds dedicated to capital projects. 5. Pensions and Other Post-Employment Benefit (OPEN) Balance Sheet: This type of balance sheet focuses on the state's pension plans and other post-employment benefits, providing an overview of the fund's assets, liabilities, and obligations, relating to retired state employees. In conclusion, the New Hampshire Balance Sheet is a crucial financial document that highlights the financial health and performance of the state. It encompasses various types of balance sheets, each serving a specific purpose and providing valuable insights into different aspects of the state's financial operations.
