The balance sheet - also called the Statement of Financial Position - serves as a snapshot, providing the most comprehensive picture of an organization's financial situation. It reports on an organization's assets (what is owned) and liabilities (what is owed). The net assets (also called equity, captial, retained earnings, or fund balance) represent the sum of all annual surpluses or deficits that an organization has accumuluated over its entire history. The balance sheet also indicated an organization's liquidity by communication how much cash an organization has at present and what assets will soon be available in the form of cash.