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An overview of financial statements, focusing on the income statement and balance sheet. The income statement shows the financial performance of a company over a period of time, while the balance sheet represents the financial condition of a company on a certain date. The components of both statements, the difference between accrual and cash basis accounting, and provides examples of accounting transactions.
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**Asset
Liabilities
- (^) + Owners’ Equity - +
INVESTED CAPITAL RETAINED EARNINGS EXPENSES REVENUES