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What is difference between cash flow statement and balance sheet?
The major differences between cash flow statement and balance sheet are as follows −
Cash flow statements
It is also called a statement of cash flows.
It is calculated for short periods (quarterly).
International accounting standards 7 (IAS 7).
Money coming into the business is termed as cash inflow.
Money going out from the business is termed as cash outflow.
Money from operations, investments, and other financial activities.
It is used by Short term investors.
It is classified into three parts.
Budgeting and forecasting.
It is prepared using a Profit and loss account and balance sheet.
Balance sheet
It is a statement of financial position.
It is calculated yearly.
Generally Accepted Accounting Principle (GAAP), Federal Accounting Standards Advisory Board (FASAB).
Money coming into the business is termed as assets and ownership.
Money going out from the business is termed as liabilities.
Money from assets and liabilities.
It is classified into two parts.
It refers to the financial position of the firm.
It is prepared from the Profit and loss account.
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