The balance sheet and income statement are separate reports,but actually
A)complement each other.
B)contradict each other.
C)display information for the same time duration.
D)display vision and mission statements for the company.

Question

Quizplus · Accepted Answer

The balance sheet and income statement are both financial reports that provide different but complementary information about a company's financial position and performance. While the balance sheet shows a snapshot of a company's assets, liabilities, and equity at a specific point in time, the income statement shows the company's revenue, expenses, and net income over a period of time. Together, these reports give a more complete picture of a company's financial health.

The Balance Sheet and Income Statement Are Separate Reports,but Actually