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Compare & Contrast
Transcript of Compare & Contrast
Net profit or loss Assets
INCOME STATMENT BALANCE SHEET An Income Statement summarizes both income and expenses by category for an association. The categories represent each budget line item, or account, as well as a Net Profit or Loss An Income Statement summarizes both income and expenses by category for an association. The categories represent each budget line item, or account, as well as a Net Profit or Loss shows the financial position of a company at a particular time. It shows the physical resources (assets) of the business and, to match that, the sources from which finance has been raised both from shareholders and from borrowing. Balance Sheet I Difference between the two of them.....
A balance sheet is a list that summarizes all financial information of a company. This includes liabilities (what the company owes) and assets (the company's economic resources). Financial document showing a company's income and expenses over a given period. CREDIT: