Questions about the balance sheet:
a) What is the accounting
identity (or called basic accounting equation)?
b) What is the implication
of the accounting identity for the numbers on a balance sheet?
is the difference between the income statement and balance sheet in regards to
Thank you for the opportunity to help you with your question!
a]Accounting identity is a statement that must remain and reveal the truth no matter the changes. the equation is assets= liablities + capital.
b]it the balance sheet the accounting identity shows that assets = liabilities + capital [equity ].
the balance sheet needs to balance off .
c]a balance sheet reports and it shows a particular specific date while an income statement is prepared periodically especially annually .
Thank you so much, you are so awesome.
thank you too, welcome
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