balance sheet vs income statement

balance sheet income statement

Definitions

  • 1) accounting : A summary of a person's or organization's assets, liabilities and equity as of a specific date.
  • 2) A statement of a business or institution that lists the assets, debts, and owners' investment as of a specified date.
  • 3) a record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets
  • 4) A statement made by merchants and others to show the true state of a particular business.

Definitions

  • 1) accounting A calculation which shows the profit or loss of an accounting unit (company, municipality, foundation etc.) during a specific period of time, providing a summary of how the profit or loss is calculated from gross revenue and expenses.
  • 2) a financial statement that gives operating results for a specific period
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