Final answer:
A series of tables listing a company's assets and business services is known as a balance sheet. It uses a two-column T-account format to show what the company owns, what it owes, and the shareholders' equity. The balance sheet provides a snapshot of the company's financial position at a specific moment.
Step-by-step explanation:
A series of tables containing assets and business services controlled by a company is defined as a balance sheet. The balance sheet is a fundamental financial statement used within accounting to provide a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It typically follows a two-column format that resembles a T-shape, which is why it is sometimes referred to as a T-account. One side of the T-account lists the company's assets, which are resources owned by the company that have economic value. The other side of the T-account details the company's liabilities and shareholders' equity, which represent the company's obligations and the residual interest in the assets of the company after deducting liabilities, respectively.
Using the example given, a simplified balance sheet for the Safe and Secure Bank is designed to clearly outline the financial position of the business at a specific point in time. This organized presentation of assets to the left and liabilities plus shareholders' equity to the right clearly demonstrates the accounting equation, where Assets = Liabilities + Shareholder's Equity.