Balance sheet, the income statement and cash flows statement

Question

What are the time dimensions of the balance sheet, the income statement and the statement of cash flows?

Answer 1

The income statement is just like a video. It calculates a firm's profitability over some period of time (which can be a month, a year, or a week or any other time period).

The balance sheet is similar to a still photograph. It shows the firm's equity, liabilities and assets at a particular point in time.

When cash flow statement just like the income statement compared to a video: It explains how cash flows into and out of an organisation over a given time period.