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A balance sheet is a type of financial statement that provides a point-in-time snapshot of a company's assets, liabilities, and equity. In the following video, analyst Anand Chokkavelu goes over everything that investors need to know about balance sheets, including why they differ wildly across industries. For example, in banking and insurance, companies such as Citigroup(NYSE:C)

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Anand Chokkavelu has no positions in the stocks mentioned above. The Motley Fool owns shares of AIG and Citigroup Inc and has options on AIG. Motley Fool newsletter services recommend AIG. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.