Why balance sheet becomes a key financial statement?

Hi All,
The business has various financial statements. But emphasis is given always to the Balance Sheet. Why is it so important and what are the important aspects of it?

Your suggestions and recommendations are welcome....

LindaZ on Tue, 2010-03-16 04:47

Small business owners use these statements to find out what areas of their business are over budget or under budget. This statement maybe used in a mortgage industry.The pattern used to be for homeowners that you bought a home, and a few years later when the rates were better you got into refinancing, lowering your payments and thus reducing the risk of needing payday loans to help you with payments. Now, the average home value has taken a dump because of market activity, and many homeowners have found themselves underwater on their mortgage.