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mamaluj [8]
1 year ago
13

An income statement reflects activity that occurs _____ while a balance sheet reflects values ____.

Business
1 answer:
dalvyx [7]1 year ago
6 0

An income statement reflects activity that occurs <u>over a period of time</u> while a balance sheet reflects values <u>at a point of time.</u>

The income statement of a company is the financial statement that shows its income and expenditures. This gives a picture of the profit or loss the company is making. This is calculated for a given period of time.

The balance sheet of a company, on the other hand, is calculated at a specific point in time. It shows the assets, liabilities, and shareholder equity of the company at that point.

Income statement and balance sheet both constitute the financial statement of a company.

To learn more about balance sheets: brainly.com/question/14847079

#SPJ4

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