Both the balance sheet and the income statement indicate the flow of sales, cost, and revenue over the accounting period.

Name: Both the balance sheet and the income statement indicate the flow of sales, cost, and revenue over the accounting period.
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Question

Quizplus · Accepted Answer

The income statement shows the flow of sales, costs, and revenue over the accounting period, while the balance sheet provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time.

Both the Balance Sheet and the Income Statement Indicate the Flow