What are the two financial statements? Why are they needed?
Income Statement
Balance Sheet
An Income Statement is a statement of revenue from operations, other incomes, and expenses during a given accounting period. It indicates the financial performance of an enterprise for an accounting period.
A Balance Sheet is a statement of Assets (current and non-current), Liabilities (current and non-current), and Capital on any given date. It indicates the financial position of an enterprise at any given date.
