differences between income statement & balance sheet

Explore the key differences between an income statement and a balance sheet. While an income statement shows a company's profitability over a specific period, detailing revenues, expenses, and net income, a balance sheet provides a snapshot of a company’s financial position at a given point in time, listing assets, liabilities, and equity. Understanding these two essential financial statements helps businesses make informed decisions and ensures accurate financial reporting. Learn how each plays a unique role in financial analysis and decision-making.