CEVAP:

The balance sheet shows a firm’s financial position with respect to assets and liabilities at a specific point in time.
Assets are what the company owns and they include current assets and non-current assets.
Liabilities are the existing debts of a company including both current liabilities
and long-term liabilities.
Owners’ equity is the difference between total assets and liabilities and it is the
company’s net worth.
The income statement, sometimes called aprofit and loss statement (P&L), summarizes the company’s financial performance for a specific time period, such as a one-quarter or one-year period.