Accounting Equation & Financial Statements

2 min. read

There are two important worksheets to create as a part of your financial management strategy, the balance sheet and the income statement.

Balance Sheet

A balance sheet represents the financial position of any entity on a specific date. For businesses, this date is the end of an accounting period (month, quarter, year).

All transactions of a business are recorded in the “books” of the business, and are used to prepare financial statements based on the accounting equation:

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