A balance sheet and income statement are both important financial statements

that detail the financial accounting of a company.

In a short answer, distinguish the

Income Statement and a Balance Sheet and explain their use. This should

include how one of them can be used to measure performance of a business.

Please Kindly let the answer satisfy below

1.1 Distinguish between a trading statement, a profit and loss statement and a balance sheet

1.2 Explain how profit and loss statements may be used to monitor the performance of a business

1.3 Use examples to explain some uses of a balance sheet