The balance sheet is one of the three core financial statements that reports a company's assets, liabilities, and shareholder equity at a specific period. For a balance sheet to reflect the true picture, it follows an equation that equates assets with the sum of liabilities and shareholder equity. (...

An income statement is one of the three core financial statements used for reflecting and reporting a company's financial performance over a certain period. The other two statements are the balance sheet and cash flow statement. The income statement, also known as the profit and loss statement, foc...

As technology advances and competition increases, banks are offering different types of services and products in order to attract more clients. To illustrate the difference between types of banks as follows: Central Bank The central bank is the basis of any country's banking system. It is resp...