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30-01-2020
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Explain the following statement: Although the balance sheet can be thought of as a snapshot of a firm’s financial position at a point in time, the income statement reports on operations over a period of time.

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aaqibali09 aaqibali09

31-01-2020

Answer:

The balance sheet shows the financial position on a specific date. It provides a snapshot of the asset, liabilities and equity position of the company.

whereas in case of income statement it shows the revenues and expenditure incurred during a period of time.

Explanation:

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