Question: Characteristic differences between the Balance Sheet (BS) and Income Statement (IS) is/are as follows: BS shows financial strength (health); IS show financial performance (report card)

Characteristic differences between the Balance Sheet (BS) and Income Statement (IS) is/are as follows:

BS shows financial strength (health); IS show financial performance (report card) BS is point in time (snapshot); IS is period of time BS survives in perpetuity; IS is closed out after the end of the accounting period All of the above

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