difference between the balance sheet & income statement of company

Learn the difference between a balance sheet and an income statement. A balance sheet offers a snapshot of a company’s financial position at a specific moment, showing assets, liabilities, and equity. Meanwhile, an income statement outlines the company’s performance over a period, detailing revenues, expenses, and net profit. Understanding how these financial statements differ and complement each other is crucial for accurate financial analysis and decision-making. Explore how each report plays a vital role in assessing a company’s financial health.