difference of balance sheet and income statement

Learn the key differences between a balance sheet and an income statement, two essential financial documents for businesses. The income statement shows a company's profitability over a specific period by detailing revenues, expenses, and net income, helping assess financial performance. In contrast, the balance sheet provides a snapshot of a company’s financial position at a specific point in time, listing assets, liabilities, and equity. Together, these documents offer a complete view of a company's financial health, assisting in informed decision-making and strategic planning