some overview on Financial reports
The trial balance ensures that total debits equal total credits. This is the basis of the double-entry bookkeeping system. It tells you whether or not your accounts balance.
The balance sheet is a snapshot of the financial position of a company. It is one of the key reports included in regulatory reporting. Like most financial reports, it is used for external purposes by investors, customers, and creditors. The balance sheet demonstrates the following accounting principle:
Assets= Capital + Liability
Whereas the content is similar, the format and layout of the balance sheet vary from company to company. The essence, though, is to show all assets of the company with a total, and to show all capital and liabilities of the company with a total.