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[Music] hi im tasha and in todays video we are going to discuss whats the difference between an income statement and a balance sheet do you know what the difference is between these two when your accountant provides them to you or do you understand what the purpose is for these two reports if not no worries we are going to go through them together the income statement which is also known as the prof and loss assesses the financial performance over a specific period of time now this report shows the revenue made and the cost or expenses spent during that specific period so for example we are heading towards the end of july 2022 so the profit and loss statement right now will normally show january through july 2022 now this report is very important to you as it will report whether or not your company has generated a profit or loss for that specific period the balance sheet shows the financial position at a specific point in time whereas the income statement shows the balance as of a c
