Explain the following statement: Although the balance sheet can be thought of as a snapshot of a

Question:

Explain the following statement: Although the can be thought of as a snapshot of a firm's financial position at a point in time, the income statement reports on operations over a period of time.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...