In United States agricultural policy, several measures are used to gauge farm income over a given period of time.
The income statement measures the profitability of a farm business for a particular period of time, usually one year.
The balance sheet measures the wealth or financial position of the business at a particular point in time by reporting the farm’s assets, debt, and net worth.
This article incorporates public domain material from Jasper Womach.
Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition (PDF).