The photographic analogy for a balance sheet is a snapshot, and for the income statement and the

Question:

The photographic analogy for a is a snapshot, and for the income statement and the statement of cash flows it is a motion picture.” Explain.

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...