Find out the differences of the treatment of income statement and balance sheet in the company account compare to the partnership account.
2006-10-27 00:09:01 · 2 answers · asked by fanna malique 1 in Business & Finance ➔ Other - Business & Finance
The income statement is and accumulation of receipts and disbursements over a period of time. The balance sheet is a snapshot of the assets and liabilities of the business at a point in time.
Once a year the income statement is closed and the net profit or loss is transferred to the balance sheet net equity section. Once closed the income statement starts over the accumulatin for the next year.
2006-10-27 01:04:52 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
That's a liiiiiittttttlllleee too broad a question for a forum like this, you'll have to re-read you're text book for that.
2006-10-27 00:41:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋