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Understanding the Difference between Income Statement and Balance Sheet

SMBAccountant

JUNE 21, 2023

Income Statement: The income statement, also referred to as the profit and loss (P&L) statement, is a financial report that showcases a company's revenues, cost of goods sold, expenses, and gains and losses over a specific period. It focuses on the company's operational activities during that period and determines its profitability.

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What Accounts Are Debit and Credit?

xendoo

AUGUST 22, 2022

A trial balance includes all accounts from the balance sheets and profit and loss statements. In accounting, there are two fundamental types of transactions: those that result in a decrease in assets or an increase in liabilities (debits) and those that result in an increase in assets or a decrease in liabilities (credits). .

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Understanding the Difference between Income Statement and Balance Sheet

What Accounts Are Debit and Credit?

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