Balance Sheet and Income Statements- What is the difference? Balance sheets and income statements are both significant instruments and records, giving an overview of a person or company’s financial condition. The difference between the balance sheet and income statement is the duration of time for obtaining their own data. A balance sheet provides a timely picture and a summary of the state of assets, liabilities, and equities at one moment. Normally at the end of the month. While a statement of income displays the entire income, expense, and gain and loss for a certain time. ...Read more
