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what is the diffrent between income statement and
balancesheet
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Answer / venu
INCOME STATEMENT SHOWS THE NET INCOME OR NET LOSS OF THE
BUSINESS, WHERE AS BALANCE SHEET SHOWS THE FINANCIAL
POSITION OF THE COMPANY.
| Is This Answer Correct ? | 24 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Income statement help us to know the net result of the
business.
Balance sheet help us to know the fiancial position of
business at agiven period
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / sreelakshmi
income statement if, an exact form of a profit and loss
account of any concern and normally non-profit making
concerns adopt this format to know their surplus or deficit
for the financial year
whereas, a balance sheet is a final statement which shows
the financial position of the concern revealing its assets
and liabilities along with the profits or loss for the
relevant financial year
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / mani shankar
INCOME STATEMENT IS A STATEMENT IN WHICH NET INCOME OR NET LOSS OF THE BUSINESS ARE BEING SHOWN, WHERE AS BALANCE SHEET INDICATES THE FINANCIAL
POSITION OF THE COMPANY.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / krishna
Income Statement states the Profit/Loss of the company for
a particular period. Balance Sheet shows the financial
position of the company as on a particular date. The
balances of the Income Statement lines will not be carried
forward to next year. But the Assets and Liabilities
balances in the accounts will be carried forward to the
next year.
| Is This Answer Correct ? | 0 Yes | 0 No |
what does debit and credit mean in accounting and what is its underlying concept and its treatment. in the cash book dr means receipt nad credit means payment? is it correct?
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