Shows the financial position of an organisation during a specific time frame. ![]() What is the Purpose or Importance of Balance Sheet? It is also known as an income statement.Ĭash flow statement - The cash flow statement displays the inflow and outflow of cash within an organisation during a specific period. ![]() Profit & loss (P&L) account statement - As the name suggests, the profit & loss account statement shows the net profit or loss of a company during a specific period, which can be a year, quarter, month, etc. The balance sheet is one of the three primary financial statements prepared by a firm, the other two being – ![]() The general balance sheet definition is - a financial statement that showcases the net worth of an organisation by listing its assets and liabilities along with shareholder’s equity for a particular period, usually a year.
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