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What is a balance sheet? What is an income statement?

What is a balance sheet?
What is an income statement?

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Answer #1

Balance Sheet:

Balance sheet is statement of position of organization.

It is prepared for specific date and time. FOr Ex: Balance sheet of ABC Inc as on 31.03.2019

It contains the Assets, Liabilities and Equity.

Income Staement:

Balance sheet is statement of affairs of organization for specific period.

For Ex: Income statement of ABC Inc for period APr1 2018 to Mar31 2019.

It contains Expe, Income , Losses and Gains

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