difference income statement and balance sheet

Understand the key differences between an income statement and a balance sheet, two vital financial documents for businesses. The income statement details a company's financial performance over a specific period, showing revenues, expenses, and net income, helping assess profitability. In contrast, the balance sheet provides a snapshot of a company's financial position at a single point in time, listing assets, liabilities, and equity. Learn how these statements work together to give a complete view of a company's financial health, helping you make informed business decisions.