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Describe and contrast the income statement, balance sheet, cash flow statement, and price-earnings ratio.
1. Balance sheet shows the financial position of the company on a particular date usually at the end of the particular financial year. Balance sheet informs us the amount of fixed assets, current assets, investments made, amount of shareholders' equity, long term debt and current liabilities of the company. Balance sheet is different from income statement in such a way that it depicts the financial position on a particular date and not the summary of financial affairs carried during the financial year. Income statement covers a range or period of time such as a month or a year. An income statement describes how much money came into an organization during a period of time, how much went out as expenses, and what was remaining at the end of the period. A balance sheet is usually generated to show what an organization owns or owes at the end of the financial period. The balance sheet describes what the organization owns or owes to keep making or paying money during the next period covered by the next ...
The answer describes and contrasts income statement, balance sheet, cash flow statement and Price earnings Ratio.