The major differences between consolidate balance sheet and balance sheet are as follows −Consolidate balance sheetIn case of subsidiaries companies, assets and liabilities are not mentioned separately.It is difficult to prepare.It reflects financial position of a firm and its subsidiary.Assets (parent + subsidiary) = liabilities (parent + subsidiary) + shareholders’ ... Read More

The major differences between balance sheet and income statement are as follows −Balance sheetIncome statementAssets, liabilities and equity.Helps in deriving liquidity of a firm.Prepared in last day of accounting period.Accounts transferred are not closedBalance will become opening balance for next period.Current ratio, quick ratio, cash ratio, receivable turnover ratio, inventory ... Read More

The major differences between the trial balance and balance sheet are as follows −Trail balanceBalance sheetOpening stock is considered.Debit and credit.Doesn’t take part in financial statement.Contains nominal, real and personal accounts.Internal useCan be prepared monthly, quarterly, half-yearly and financial period.Prepared in column format.Audit is not necessary.Information of loss or profit ... Read More