While non-profit organizations are not concerned about showing a profit for investors, these entities still must report financial activities to board members and local, state, and federal tax agencies. Just like for-profit businesses, non-profits use financial statements to report revenue generated and expenses incurred, although they may have different names.
An income statement is a critical financial statement for reporting a business's financial performance. It can also be.
When it comes to your balance sheet vs income statement, they are not the same. There is a difference. While both will.