IGNOU TS 3 2016 - What is the difference between balance sheet and financial statement?

Question

What is the difference between balance sheet and financial statement? Identify various purposes of balance sheet and financial statements

31 May 2017

Answer :

Word Count : 429

Balance sheet

The balance sheet can inform where a company stands financially, and is separated into three main sections - assets, liabilities, and equity. A company's assets must be equal to (or "balance" out) its liabilities plus equity.

Assets are generally listed in order of liquidity, or the ease in which they can be sold or otherwise disposed. Assets are divided into two subcategories -- current and long-term. Current assets include those items that can be converted to cash within one year or less. For examples, current assets include such things as:

Cash and equivalents

Securities that have a

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