03
Aug
The balance sheet is one of the essential financial statements used in the world of business and finance. It provides a snapshot of a company's financial position at a particular point in time, showing what the company owns (assets), what it owes (liabilities), and the value of the shareholders' equity. However, not every account related to a business's operations appears on the balance sheet. One such account is the Income Statement account. The Income Statement Account The Income Statement, also known as the Profit & Loss Statement, records revenue, expenses, gains, and losses, which do not appear on the balance…