Balance Sheet
A statement that maintains income & expenditure incurred by the company’s account in the financial year is known as the balance sheet. A balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by shareholders.
Income Statement
The statement that offers an analytical report of the profit/loss or the expenses made from the business operating account. This is a periodical statement that contains all the points reflecting money transactions. Also, the sheet contains revenue details that are paid or gained depending on the business mode.
Cash Flow Statement
The sheet that maintains investment, liabilities, expenses & income features of the company is known as the Cash Flow Statement. Each company has to maintain this statement mandatorily. However, the maintenance of this sheet depends completely on the businessman. It can be maintained quarterly. Half yearly & full yearly.
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