The difference between Balance Sheet and Profit & Loss Account.

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Balance Sheet shows the financial position of a company at a specific point in time, while Profit & Loss Account shows the company's financial performance over a period of time.

Balance Sheet is a snapshot of a company's assets, liabilities, and equity at a specific date.
Profit & Loss Account shows the company's revenues, expenses, and net income or loss over a specific period, such as a year.
Balance Sheet helps in assessing the company's liquidity, solvency, and financial health.
Profit & Loss Account helps in evaluating the company's profitability and performance.
Balance Sheet includes items like cash, accounts receivable, inventory, and long-term assets.
Profit & Loss Account includes items like sales revenue, cost of goods sold, operating expenses, and net income.
Balance Sheet is prepared at the end of an accounting period.
Profit & Loss Account is prepared for a specific period, such as a fiscal year.
Balance Sheet is a static report, while Profit & Loss Account is a dynamic report that changes over time.

The difference between Balance Sheet and Profit & Loss Account.

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The difference between Balance Sheet and Profit &amp; Loss Account.

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The difference between Balance Sheet and Profit & Loss Account.