difference between the balance sheet & income statement

Understand the key differences between a balance sheet and an income statement. The balance sheet provides a snapshot of a company’s financial position at a specific point in time, showing assets, liabilities, and equity. In contrast, the income statement details a company’s financial performance over a period, highlighting revenues, expenses, and profits. Learn how these two financial statements work together to give a complete picture of a company’s financial health and how they impact decision-making and financial analysis.