Balance Sheet Definition: In financial accounting, “Balance sheet is a financial statement summary report of an assets, liabilities and equity capital of an individual or a company or an organization at a specific given time”. This provides adequate information to investors, shareholders or a group about the company’s financial strength at given point of time.

Profit and Loss Statement Definition: Under financial accounting, “profit and loss account, statement of revenue or loss, financial performance statement, operating statement, earnings statement, statement of profit and loss, P&L statement, Income statement all this terms refers to Profit and Loss statement of the financial reports”. This statement shows the revenue and expenditures of a business

To show that total debits and total credits are equal, the trial balance is simply a list of all general ledger accounts and their balances. Accountants can ascertain each account’s balance by compiling this exhaustive list, which offers important insights into the entity’s performance and financial health. The trial balance is more than just a