What is the difference between accounts in balance sheet and income statement

Balance sheet accounts are accumulated numbers after many years since the day of operation. Meanwhile, income statement accounts demonstrate the total value of transaction incurred only in the current (reporting) year

KN
Answered by Khanh N. Accounting tutor

2564 Views

See similar Accounting A Level tutors

Related Accounting A Level answers

All answers ▸

What is Accounting Based on?


What are the three main elements of Financial Accounts?


What is the difference between reducing balance method depreciation and straight line depreciation?


What is depreciation? Why is its calculation necessary? Give an example of straight line depreciation.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2026 by IXL Learning