MANAGEMENT

Detailed explanation-1: -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).

Detailed explanation-2: -Balance sheet: A snapshot of your business’s financial condition at a single point in time, it shows what you own (your assets) vs what you owe (your liabilities). The difference between the two is often used as a starting point for valuing a business.

Detailed explanation-3: -Unlike the balance sheet, the income statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements. The income statement provides an overview of revenues, expenses, net income, and earnings per share.