Is a financial statement which shows the net profit or loss of a business for a given accounting period. It is essentially a statement of the "income generating" performance of the business.

Is a financial statement which shows the net profit or loss of a business for a given accounting period. It is essentially a statement of the "income generating" performance of the business.

The balance sheet is a statement of the financial position of a business at a given date. It is normally based on historical costs and discloses the book value of the assets, liabilities, share capital and reserves.