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Difference between balance sheet and income statement. An Income statement and a Balance sheet are two significant financial statements in accounting and both statements have their own individual purpose and identity. You may now be asking yourself what makes this happenwhat makes them different. The balance sheet reports what the company owns assets and owes liabilities.
The biggest difference between a balance sheet and an income statement is the information shown on each document. Balance sheets and income statements are both financial statements that provide information about the companys finances but they are not the same. When a company has a strong income statement it will usually have a good balance sheet but it is possible for one of them to be weak while the other is strong.
A balance sheet is a summary of the financial balances of a company while a cash flow statement shows how the changes in the balance sheet accountsand income on the income statement affect a. Usually when a company has a healthy income statement the balance sheet will also be healthy. While income statement reflects current years performance of the company balance sheet contains information from the start of the business up to the financial year ended.
They are important yet very different. The income statement is like your childs report card. A balance sheet is a snapshot in time and gives an overview of the state of assets liabilities and equity in the case of a company at a given point in time.
Normally at the end of the month. A companys assets must be equal to or balance. The Income Statement A balance sheet is a snapshot of your financial data at a point in time.
An income statement tells about whether a company is making a profit or incurring a loss. A balance sheet reports the companys assets liabilities and equity for a single point in time within a fiscal year. In terms of content and period covered a balance sheet is somewhat more detailed and specific than an income statement.
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