What is a Balance Sheet & Profit & Loss Account?



What is a Balance Sheet & Profit & Loss Account?..

Answer / Pawan Kumar Jangid

A balance sheet is a financial statement that provides a snapshot of a company's financial condition at a specific point in time. It lists the company's assets, liabilities, and equity.
A profit and loss account, also known as an income statement, shows a company's revenue, costs, and expenses over a period of time, allowing you to calculate the net income or loss for that period.

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