State time dimensions of the income statement, the balance sheet, and the statement of cash flows? Describe.
- The income statement is such as a video: This measures a firm's profitability on a period of time (that can be a week, a month, a year, or any other time period).
- The balance sheet is still photograph. The balance sheet illustrates the firm's assets, liabilities, and equity at a specified point in time.
- This cash flow statement such as the income statement can be compared with a video: It illustrates how cash flows in and out of a company over a specified period of time.