difference between balance sheet and income statement

The balance sheet and income statement are two key financial statements used to assess a company's financial health. The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time, showing its overall financial position. In contrast, the income statement reports a company's revenue, expenses, and profits over a period, helping evaluate its profitability. Understanding the difference between these statements is crucial for accurate financial analysis and decision-making