Question

The balance sheet is a financial statement that measures the flow of funds into and out of various accounts over time, whereas the income statement measures the financial position of the firm at a specific point in time.A. TrueB. False

Answer 1

Answer:

True

Explanation:

Balance sheet is the financial report of an organization that includes investments, liabilities, assets wealth, overall debt, etc. during a given time.

The income statement is one of the company's financial statements that indicates the company's profits and expenditures for a specific period of time. This shows how the profits are converted into net revenue or net income.