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  • Compare and Contrast Statements

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    em19299
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    The document provides a template for comparing and contrasting an income statement and balance sheet. It instructs the user to list the two terms being compared, then provide examples of how they are similar and different. For the similarities, it notes that both statements show the financial position for a specific period of time and the business's progress. For the differences, it outlines that the income statement displays revenues and expenses while the balance sheet shows asset values and ownership, and provides other examples of how the accounts, purposes, and formulas for each statement vary.

    Original Description:

    This post shows the differences and similarities between income statements and balance sheets.

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    Compare and contrast statements

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    The document provides a template for comparing and contrasting an income statement and balance sheet. It instructs the user to list the two terms being compared, then provide examples of how they are similar and different. For the similarities, it notes that both statements show the financial position for a specific period of time and the business's progress. For the differences, it outlines that the income statement displays revenues and expenses while the balance sheet shows asset values and ownership, and provides other examples of how the accounts, purposes, and formulas for each statement vary.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    15 views2 pages

    Compare and Contrast Statements

    Uploaded by

    em19299
    The document provides a template for comparing and contrasting an income statement and balance sheet. It instructs the user to list the two terms being compared, then provide examples of how they are similar and different. For the similarities, it notes that both statements show the financial position for a specific period of time and the business's progress. For the differences, it outlines that the income statement displays revenues and expenses while the balance sheet shows asset values and ownership, and provides other examples of how the accounts, purposes, and formulas for each statement vary.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
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    COMPARE & CONTRAST DIAGRAM

    Directions: Please list the two terms you are comparing in the table below. Next, prepare a list of examples explaining how these two terms are similar. Finally, prepare a list of examples explaining how these two terms are different. However, first identify how you plan to contrast the terms in the middle column. For example, suggestions might be: (purpose, types, etc). Course: Bus Accounting Unit: Financial Statements Topic: Analyzing Statements

    WHAT ARE MY TWO TERMS?


    Income Statement Balance Sheet

    HOW ARE THEY SIMILAR?


    They are similar because they both show the financial statements from that specific period of time. They both show the businesses progress.

    External users look at these and they are mandetory by law

    HOW ARE THEY DIFFERENT?


    INCOME STATEMENT to display revenue and expenses With Regard To PURPOSE BALANCE SHEET value of their assets and who has the most ownership to these assets all accounts that start with 1, 2 or 3 liabilities, AP, assets, owners equity both sides of the equation has to be balanced assets= liabilities+owners equity

    all accounts that start with a 4 or 5 revenue and expenses

    chart of accounts

    accounts affected

    revenue doesnt have to equal expenses revenue - expenses

    Balance

    formula

    temporary financial figures. reset Permanent/ every year Temporary The bottom line, the profit and loss statement Different names

    permanent financial figures

    statement of financial position

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