A balance sheet item is a financial statement that records a company's ASSETS, liabilities, and equity. The term 'DEBT' is a four-letter word used to describe money owed by one party to another. An 'ASSET' is a five-letter word used to describe something of value owned by a person or company. 'ASSETS' is a six-letter word used to describe the total value of all items owned by a person or company. 'COSTS' is a five-letter word used to describe the expenses incurred in producing goods or services. Finally, 'accountspayable' is a fifteen-letter word used to describe the amount of money owed to suppliers or creditors.