What Is The Difference Between “profit And Loss Report” And The �

1.	What Is The Difference Between “profit And Loss Report” And The “balance Sheet Report”?
Answer» <P>P&L shows activities: income and expenses to arrive to Net Income (Profit) for a specific TIME PERIOD. BALANCE Sheet shows values: Assets and Liabilities to arrive to Equity (Net Worth) as of an specific date. The Net income from the Profit & LOSS pass through the equity section in the balance sheet. P&L shows activities: income and expenses to arrive to Net Income (Profit) for a specific time period. Balance Sheet shows values: Assets and Liabilities to arrive to Equity (Net Worth) as of an specific date. The Net income from the Profit & Loss pass through the equity section in the balance sheet.

What Is The Difference Between “profit And Loss Report” And The “balance Sheet Report”?

Answer»

<P>P&L shows activities: income and expenses to arrive to Net Income (Profit) for a specific TIME PERIOD.

BALANCE Sheet shows values: Assets and Liabilities to arrive to Equity (Net Worth) as of an specific date.

The Net income from the Profit & LOSS pass through the equity section in the balance sheet.

P&L shows activities: income and expenses to arrive to Net Income (Profit) for a specific time period.

Balance Sheet shows values: Assets and Liabilities to arrive to Equity (Net Worth) as of an specific date.

The Net income from the Profit & Loss pass through the equity section in the balance sheet.