CHARACTERISTICS FINANCIAL STATEMENTS
CHARACTERISTICS FINANCIAL
STATEMENTS
Characteristics
of Balance Sheet:
1. It
shows the financial position of a company at a specific point of time.
2. It is prepared by taking the
year-end balances of assets, liabilities and shareholders' funds.
3. The accounts in the Balance Sheet
may have an opening balance, transactions during the year and closing balance.
Characteristics of Statement of Profit
and Loss:
1. It shows the financial
performance of a company, i.e., revenues, expenses and profit or loss for the
period.
2. The transactions are expressed in
terms of money.
3. It is prepared for a past period
and thus, is a historical document.
4. It is for a specific accounting
period.
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