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View Full Version : Questions answered by the income statement and balance sheet


labner854
Aug 24, 2008, 11:04 PM
What are the questions answered by the income statement and the balance sheet?

The answer I came up with for the balance sheet is: What is the financial position of the firm on the last day of the year?

For the income statement: How is the firm performing in any given period?:)

pready
Oct 18, 2008, 04:48 PM
The balance sheet shows the company's overall financial position at a given point in time.

The Income Statement shows the company's performance for a certain period.