Perfect answers of balance sheet & P & l

Question

Accepted Answer

Balance sheet shows assets, liabilities & equity. P&L shows revenue, expenses & profit/loss.

Balance sheet is a snapshot of a company's financial position at a specific point in time.
Assets are what the company owns, liabilities are what it owes, and equity is the difference between the two.
P&L shows a company's revenue, expenses, and profit or loss over a specific period of time.
Revenue is the money a company earns from selling goods or services, while expenses are the costs of running the business.
Profit or loss is the difference between revenue and expenses.
Both balance sheet and P&L are important financial statements for investors, creditors, and management to assess a company's financial health.

Accepted Answer

balance sheet shows assets, liabilities equity.

Perfect answers of balance sheet &amp; P &amp; l