The (sometimes called the statement of financial position) reflects a firm's solvency, while the shows profitability.

Balance Sheet states the financial position of an organisation on a particular date on which such statement is prepared, generally it is the year end date, which also tells about the solvency of the organisation.

Income Statement is prepared for a period, which shows the profit earned during that period, basically depicts the profitability.

Balance sheet, while the Income Statement

The __________ __________ (sometimes called the statement of financial position) reflects a firm's solvency, while the __________ __________ shows profitability.

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The (sometimes called the statement of financial position) reflects a firm's solvency, while the shows profitability.