Income Statements vs. Balance Sheets

Understanding numbers is important for every business owner. For a business owner, it is especially critical to understand the difference between Income Statement & Balance Sheet. The Income Statement (also known as “profit & loss”) shows the financial performance over a specific time period. The balance sheet, which reports the assets, liabilities & the owner's or shareholder's equity, highlights the financial position of a business organization. If you would like to find out more? Please check out our latest video > https://youtu.be/7cdB39FhXmw. Have more questions? Feel free to contact us today. #accounting #business #CPA