BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The income statement is also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement.

Detailed explanation-2: -An income statement shows a company’s revenues, expenses and profitability over a period of time. It is also sometimes called a profit-and-loss (P&L) statement or an earnings statement.

Detailed explanation-3: -It shows your revenue, minus your expenses and losses. Also sometimes called a “net income statement” or a “statement of earnings, ” the income statement is one of the three most important financial statements in financial accounting, along with the balance sheet and the cash flow statement (or statement of cash flows).

Detailed explanation-4: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation. It reports on an organization’s assets (what is owned) and liabilities (what is owed).