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Income statement comprises of Revenues and expenses where as statement of position comprise of Assets and Liabilities.
The strength of the Income reflected as per the Income statement is the strength of financial assets and retained earnings as per the Statement of position.
You have a very good answer by Mr. Georgei Assi .
agree with mr venkitaraman & mr georgi
Income Statement (also called Profit and Loss Account), it shows company's revenues and expenses during a particular period. This report gives idea to investors about what company earns (profits).
Statement of Finance Position (also called Balance Sheet), it shows company's Assets (fixed and current), Liabilities (current and long term), and Owners Equity as of a specific date. This report gives idea to investors about what the company owns and what it owes, and also the figures of what the owners have invested.
List income: is a list of express revenues specified period and expenses of this period in order to determine the net profit or loss of that period, so we write the income statement for the financial year ended, and therefore it is in the preparation of this list is determined from the stomach revenues reported and thus determine their own expenses.
Statement of financial position: is a list reflects assets (property company) and liabilities (obligations of the Company), as well as property rights in a specific moment, so we write the statement of financial position in the list
