Understanding Balance Sheet: Basics You need to know
What is a Balance Sheet? Balance Sheet is also known as the statement of financial position. A balance sheet is a financial statement/report that depicts the company’s assets, liabilities, and shareholder’s equity. The Balance Sheet is prepared at the end of an accounting period like a month, quarter, or year-end. A balance sheet is required […]
Know the basics of Income Statement in Accounting
What is the Income Statement? The income statement is also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement. An income statement is a financial statement that shows a company’s income and expenditure. The income statement/ profit and loss account start with the credit from […]