What is the objective of (i) income statement and (ii) balance sheet?

One of the targets is to reveal internet gains and losses as a consequence of commercial enterprise operations and activities over a hard and fast date range. Maximum groups put together an earnings assertion on a month-to-month foundation.

Objectives of Income Statement

It provides a clear picture to the management of the performance of the company during the period and the effect on profitability and whether there is any scope for improvement.
It is useful for the potential investor to analyze and decide whether he should invest in the company or not.
It also helps the investors to analyze the creditworthiness of the company.
It also shows the creditworthiness of a company and its ability to pay off its current obligation and is important for the creditors of the company as it serves as an indicator of the company’s financial standing.

Objectives of Balance sheet

To provide financial information
To reveal the financial position
To calculate ratios
To show the picture of assets and liabilities
To show solvency position
Information about debtors and creditors

Evaluate the value and position of all the assets and liabilities. Recognize the quantity of capital owed to the owner on the 12 months-give up. Use as a reference in case demand for a loan arises. The principle objective at the back of preparing a balance sheet is to provide invested people with a concept of the enterprise’s financial situation, as well as to reveal what the corporation possesses and owes.

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