A balance sheet provides a snapshot of a company's assets, liabilities and equity at a specific point in time, while an income statement summarizes its revenues and expenses over a period to show ...

An income statement shows the ability of a company to generate profit while a balance statement shows a business’s assets and liabilities. Discover the importance and how to read them.

Here, CNBC Select explains what a balance sheet is, how to create one and how it can be useful to both companies and individuals.

Many business owners have trouble reading their income statement, nevermind demonstrating an understanding of their balance sheet or statement of cash flows.