The balance sheet shows whether or not a business is earning a profit.

Name: The balance sheet shows whether or not a business is earning a profit.
Brand: Quizplus
Rating: 4.8 (28 reviews)

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that shows a company's assets, liabilities and equity at a given point in time. It does not show whether or not the business is earning a profit. The income statement is the financial statement that shows a company's revenue and expenses and whether or not a profit was earned.

The Balance Sheet Shows Whether or Not a Business Is