Income Statement Balance Sheet
Income Statement Balance Sheet Statement
A condensed financial statement showing the nature and amount of a company's assets, liabilities, and capital on a given date. One section or column lists all of the company's assets; another lists all of its liabilities and owner/stockholder equity. Also called the statement of financial condition.
The balance sheet reports the aggregate effect of transactions at a point in time, whereas the income statement and statement of cash flows report the effect of transactions over a period of time.
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