The two financial statements may be compared to two reports on a reservoir. One report may show how much water flowed through the reservoir during the period, and the other report may show how much water was in the reservoir as of the end of the period. Similarly, the

[balance sheet / income statement] reports flows during a period of time, whereas the [balance sheet / income statement] reports status as of a point of time.

Thus, the income statement may be called a [flow / status] report, and the balance sheet may be called a [flow / status] report.