Balance Sheet And Income Statement Differences

by Tebohot
(Pretoria)

Balance Sheet And Income Statement Difference

Balance Sheet And Income Statement Difference

What is the difference between balance sheet items and income statement items?

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Aug 25, 2018
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Profit & Loss vs Balance Sheet
by: Stephanie

Thank You for your questions about what the differences are between a balance sheet and a profit and loss statement.

The income statement shows the overall profit and loss of your business during a specific period of time, usually daily, weekly, monthly, quarterly and annually.

It will include business transactions of the gross sales income you bring in and the purchases you spend to give you a net income.

The balance sheet shows the assets, liabilities and equity you have in the business. It will show what your balances are on any given date to match the same date as the profit and loss statement.

It will include things such as your bank accounts, machinery & equipment, business loans, and money invested into the business.

Save money on Financial Statement (Personal)

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